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UNITED  STATES  TARIFF  COMMISSION 
WASHINGTON 


'Depreciated  Exchange  and 
International  Trade 


Second  Edition 


WASHINGTON  I 

GOVERNMENT  PRlNnNG  OFi'fCE 
1922 


mhmkL 


m — 


41 


UNIVERSITY  OF  CALIFORNIA 
AT  LOS  ANGELES 


UNITED  STATES  TARIFF  COMMISSION 

WASHINGTON 


Depreciated  Exchange  and 
International  Trade 


Second  Edition 


wa8H1n(;ton 
government  printing  office 

1922 


UNITED  STATES  TARIFF  COMMISSION. 

Office:  Eighth  and  E  Streets  NW.,  Washington,  D.  C. 
COMMISSIONERS. 

Thomas  Walker  Page,  Chairman. 
Thomas  O.  Marvin,  Vice  Chairman. 
David  J.  Lewis. 
William  S.  Culbertson. 
Edward  P.  Costigan. 
William  Burgess. 

John  F.  Bethune,  Secretary. 


ADDITIONAL  COPIES 

OF  THIS  PUBLICATION  MAY  BE  PROCURED  FROM 

THE  SUPERINTENDENT  OF  DOCUMENTS 

GOVERNMENT   PRINTING   OFFICE 

WASHINGTON,  D.  C. 

AT 

10  CENTS  PER  COPY 


H(3r 
CONTENTS 


rage. 

Su  mmary 1 

Introduction  and  statement  of  the  problem 10 

International  price  adjustments  measured  by  index  numbers 11 

Table  1.— Price  levels  in  1913-14 12 

Comparison  of  internal  values  of  money  and  gold  exchange 13 

Table  2a.— England 14 

Table  2b.— France 15 

Table  2c.— Germany 16 

Chart. — Purchasing  power  parities  and  rates  of  exchange 17 

Internationa  1  price  adjustments  of  specific  commodities 19 

Metal  products — 

Table  3a.— Silver 21 

Table  3b.— Copper 22 

Table  3c.— Tin 23 

Table  3d.— Pig  iron 24 

Table  3e. — Structural  shapes 25 

Table  3f . — Ferromanganese 26 

Table  3g.' — Ferrochrome,  ferrotungsten,  and  ferrosilicon 27 

Tabic  3h.— Gold 28 

Chemical  products — 

Tabl,e  4a.— White  lead 30 

Table  4b.— Citric  acid 31 

Table  4c. — Caustic  soda 32 

Table  4d.— Linseed  oil 33 

Table  4e. — Benzoic  acid 34 

Table  4f . — Anthracene 35 

Table  4g.— Alizarin 36 

Agrieultxiral  products — 

Table  5a.— Wheat 38 

Table  5b.— Cotton 39 

Table  5c.— Beef 40 

Table  5d.— Butter 41 

Table  5e.— Coffee 42 

Table  5f.— Flaxseed 43 

Textiles- 
Table  6a.— Print  cloth 46 

Table  6b.— Cotton  yarn  (a) 47 

Table  6c.— Cotton  yarn  (b) 48 

Table  6d.— Worsted  yarn 49 

Foreign  invoice  prices,  1914-1921 50 

Table  7. — Chemical  products 50 

Table  8 . — ^Aluminum  ware 52 

German  internal  and  export  prices — Table  9 53 

Significance  of  internal  price  adjustments  to  a  gold  basis 53 

Price  adjustments  ■<;.<;.  value  adjustments 54 

Artificial  control  of  prices 55 

Wages  and  rates  of  exchange 56 

A  comparison  of  wages  in  the  United  States,  Great  Britain,  and  Germany- 
Table  l(!a. — Building  industry 56 

Table  10b. — Woolen  and  worsted  industry 57 

Table  10c. — Transportation 57 

Table  lOd . — Coal-mining  industry 58 

Table  lOe. — Chemical  industry 58 

Table  lOf . — Metallurgical  industry 59 

Foreign  wages  compiled  from  })rivate  sources  of  information— Table  11 59 

Significance  of  wage  comparisons 60 

The  exchange  problem  and  the  tariff 64 


190197 


III 


IV  CONTENTS. 

APPENDICES. 
Appendix  A : 

Comparison  of  internal  values  of  money  and  gold  exchange —  ^^B^- 

Canada - 67 

Australia 68 

Japan 69 

Italy 70 

Sweden 71 

Appendix  B: 

International  price  adjustments  of  specific  commodities — 
Metals — 

Aluminum "2 

milets 73 

High-speed  steel 74 

Steel  bars 75 

Steel  plates 76 

Steel  hoops 77 

Steel  rails  : 78 

Tin  plates 79 

Wire  rods 80 

Wire 81 

Chemicals — 

Acetic  acid. 82 

Alcohol 83 

Ammonia  sulphate 84 

Aniline  oil 85 

Barium  chloride 86 

Coconut  oil 87 

Glycerin 88 

Lemon  oil 89 

Lime,  acetate 90 

Quinine  sulphate 91 

Soda  nitrate 92 

Sodium  nitrite 93 

Sulphuric  acid 94 

Agricultural  products — 

Cattle 95 

Cheese 96 

Cocoa 97 

Corn 98 

Cottonseed  oil 99 

Hides  and  skins 100 

Lard 101 

Lemons 102 

Oate •. . .  103 

Pork 104 

Rice 105 

Soya  bean  oil 106 

Sugar 107 

Tallow 108 

Tea 109 

Wheat 110 

Textiles- 
Burlap  Ill 

Jute 112 

Sheeting 113 

Wool  tops 114 

Appendix  C: 

A  comparison  of  wa^jes  in  the  United  States,  Great  Britain,  and  Germany. .  115 

Food  products  industry 115 

Glass  industry 115 

Leather  (boot  and  shoe)  industry 116 

Meat-packing  industry 117 

Oils  and  fats 117 

Printing  and  bookbinding.. 118 

Woodworking 118 


SUMMARY. 


In  this  report  the  effect  of  depreciated  exchange  rates  on  interna- 
tional trade  is  examined,  first,  by  a  consideration  of  international 
price  levels  as  measured  by  index  numbers;  s'econd,  by  comparison 
of  foreign  and  domestic  prices  of  a  number  of  specific  commodities 
and  third,  by  a  study  of  wages  in  the  United  States,  England,  and 
Germany. 

In  the  comparison  of  international  price  levels  the  standard  index 
numbers  for  various  countries,  as  published  in  the  Federal  Reserve 
Board  Bulletin,  have  been  used.  The  purpose  of  this  comparison 
is  to  determine  to  what  extent  paper  prices  aoroad  have  risen  relative 
to  American  prices  as  the  rates  of  exchange  on  the  several  countries 
have  fallen.  The  particular  form  in  which,  this  comparison  is  made 
is  that  of  the  equivalent  purchasing  power  in  foreign  commodities 
of  foreign  monetary  units  expressed  in  dollars  as  compared  with 
the  rates  of  exchange  expressed  in  dollars.  Arithmetically  the 
equivalent  purchasing  power  in  dollars  is  determined  first  by  divid- 
ing the  foreign  index  number  of  prices  into  the  American  price  index. 
This  gives  a  percentage  which  is  applied  to  the  par  of  exchange.  In 
Table  A  following,  for  example,  the  "Parity  of  purchasing  power "^ 
for  England  in  January,  1919,  is  determined  by  dividing  the  London 
Statist's  index  number  of  wholesale  prices  for  that  month^ — 224 
(1913  equal  100) — into  the  index  of  American  wholesale  prices  as 
calculated  by  the  Federal  Reserve  Board — 195.  This  division  gives 
a  percentage  of  87.06.  Applying  the  percentage  to  the  par  of  ster- 
ling— $4.8665 — we  obtain  $4.2368  as  the  purchasing  power  of  a 
pound  sterling  in  the  English  market.  On  the  same  date — January, 
1919 — -the  gold  value  of  the  pound  is  $4.7579,  a  difference  between 
the  internal  and  external  value  of  the  pound  of  about  52  cents,  or 
nearly  1 1  per  cent. 

In  Table  B  the  same  comparison  is  made  by  expressing  the  pur- 
chasing power  parity  as  a  percentage  of  the  exchange  rate  for  each 
month  smce  the  beginning  of  1919. 

Table  A. — Parity  of  purchasing  power  and  rates  of  exchange. 


Period. 


January. 

January. 
July.... 


January 

February. . 

March 

April 

May 

Juiie 

July 

August 

September . 


England. 


Parity  of 

purchasing 

power. 


$4.  2:508 


0732 
0694 

4192 
4X59 
r>097 
4971 
6IK2 
69o6 
()S9;{ 
8027 
95i0 


Exchange 
rate.o 


$4.  7o79 

3. 6794 
3.8671 

3.  743 
3.  .S72 
3.910 
3.  930 
3.  974 
3.790 
3. 632 
3. 651 
3.  724 


France. 


Parity  of 

purchasing 

power. 


$0. 1082 

.  0955 
.0973 

.  0775 

.  0788 
.0804 
.0795 
.  0830 
.0828 
.  0825 
.0831 
.  0802 


Exchange 
rate." 


$0. 1832 

.0851 
.0813 

.0645 
.0717 
.0701 
.  0724 
.  0830 
.  0805 
.  0781 
.  0775 
.0728 


Germany. 


Parity  of 
purchasing 


i.  0365 
.0398 

.0239 
.0245 
.  0248 
.  0238 
.  023() 
.  0240 
.  0229 
.0201 
.0191 


Exchange 
rate.o 


('  $0. 0127 
.0253 

.0155 
.0164 
.0160 
.  0158 
.  0163 
.0149 
.0130 
.0118 
.0097 


'  The  expression  "Parity  of  purchasing  power"  or  "Purchasing  power  parity,"  as  it  is  often  called 
has  been  made  familiar  to  tne  fuiancial  world  during  and  since  the  war  through  the  writings  of  Prof.  Oustav 
Cassel  on  the  subject  of  exchange  rates  in  relation  to  international  trade. 

a  Monthly  average  of  daily  noon  buving  rates  for  cable  transfers  in  New  York  City. 

h  Rates  for  March,  1920. 


SUMMARY. 

Table  B. — Percentage  which  purchasing  power  parities  are  of  exchange  rates. 


Period. 

England. 

France. 

Germany. 

1919. 

Per  cent. 
89. 05 
87.  87 
91.  38 
94.  22 
91.90 
91.01 
95. 64 
99.33 
97.56 
93. 35 
98.86 
104.48 

110.68 
11.3.58 
105.66 
103. 95 
109.  44 
105.90 
105. 23 
105. 52 
107. 16 
103. 23 
102.  35 
99.24 

91.. 35 

90.03 

89.76 

88.99 

91.15 

97.54 

101.58 

104. 16 

106. 18 

Per  cent. 
59.  06 
58.  63 
64.13 
6S.  12 
75.84 
76. 20 
80.  50 
94.47 
96.01 
95.80 
90.23 
112.60 

111.83 
126.  74 
119.39 
138.  08 
137. 19 
127. 37 
119.68 
129. 45 
122. 63 
121.96 
132.50 
144. 99 

119.84 
109. 90 
114.20 
109. 81 
100.  36 
102.  86 
105. 63 
107.61 
101. 17 

Per  cent. 

February. 

March 

April 

"^ 

May 

July : 

September .     .        .  . 

October 

November 

December 

1920. 
January 

287.  40 

236. 36 

May 

167. 89 

June 

162. 90 

July 

157.31 

171.43 

September 

196.  53 

October 

208. 79 

November 

205. 31 

December 

178. 83 

1921. 
January 

1.54. 19 

February 

149. 39 

March 

155. 00 

April 

1.50.63 

May 

144. 79 

June 

•    161.08 

July 

176. 16 

August 

170.34 

September 

198.  91 

It  is  observed  in  these  tables  that  the  parity  of  purchasing  power 
for  England  and  France  was  considerably  less  than  the  exchange 
rate  in  the  early  part  of  1919 — about  12  per  cent  less  for  England 
and  40  per  cent  less  for  France;  but  by  the  end  of  the  year  the  two 
rates  approached  each  other,  and  in  1920  the  parity  rate  went  about 
as  far  above  the  exchange  rate  for  each  country  as  it  had  been 
below  in  the  previous  year.  In  1921  rates  approached  each  other 
again;  that  is  to  say,  the  parity  rate  was  about  100  per  cent  of  the 
exchange  rate. 

In  the  case  of  Germany  the  parity  rate  has  been  far  above  the 
exchange  rate  for  the  whole  period  covered.  The  difference  is  dimin- 
ishing, but  the  recent  slump  in  the  mark  exchange  has  caused  a 
further  divergence  of  some  magnitude. 

The  excess  of  the  parity  rate  over  the  gold  rate  in  the  early  part 
of  1919  was  due  to  the  "pegged"  exchanges  on  France  and  Eng- 
land. From  October,  1915,  to  March,  1919,  the  values  of  the  pound 
and  of  the  franc  were  fixed  arbitrarily  in  New  York  by  the  allied 
Governments  with  the  result  that  the  actual  commodity  value  of 
English  and  French  money  fell  below  the  value  in  terms 'of  dollars; 
i.  e.,  paper  prices  in  these  countries  rose  faster  than  the  controlled 
exchange  rates  were  permitted  to  fall.  After  the  decontrol  of  the 
exchange  in  the  spring  of  1919  the  rates  went  down  rapidly,  and 
by  the  middle  of  the  year  the  value  of  foreign  money  in  terms  of 
commodities  was  greater  than  its  value  in  terms  of  dollars. 


SUMMARY.  3 

The  significance  of  this  comparison  of  purchasing  power  parities 
and  exchange  rates  grows  out  of  the  fact  that  when  the  parity  rate 
is  below  the  exchange  rate,  exports  from  the  particular  country- 
will  be  discouraged,  and  when  the  parity  rate  is  aoove  the  exchange 
rate,  there  will  be  a  bounty  on  exports;  that  is  to  say,  if  the  mark 
in  September,  1921,  can  be  bought  for  less  than  1  cent  gold  and  at 
the  same  time  can  be  exchanged  for  about  2  cents  worth  of  goods 
in  Germany,  imports  from  Germany  to  the  United  States  will  be 
stimulated  in  the  absence  of  physical  and  artificial  restraints  of  trade. 

COMPARATIVE    PRICES    OF    PARTICULAR    COMMODITIES. 

In  addition  to  the  foregoing  tables  of  relative  price  levels  as 
measured  by  index  numbers,  there  are  presented  m  the  text  the 
international  price  comparisons  for  about  75  commodities  covering 
the  years  1914,  1919,  1920,  and  the  first  nine  months  of  1921.  Only 
a  few  tabular  comparisons  are  included  in  the  summary,  however, 
for  illustrative  purposes. 

The  products  whose  prices  are  given  in  the  table  were  chosen 
by  commodity  experts,  and  for  the  different  countries  they  are  as 
nearly  identical  in  quality  as  can  be  selected  from  trade  publications. 

The  fundamental  point  which  these  tables  are  meant  to  bring  out 
is  the  fact  that  there  are  varying  degrees  of  price  adjustment  to  a 
gold  basis  for  various  commodities  in  different  countries.  Such 
products  as  wheat,  copper,  and  cotton  have  about  the  same  gold 
price  the  world  over  alter  due  allowance  is  made  for  the  cost  of 
transportation  and  artificial  restraints  of  trade.  On  the  other 
hand,  there  are  many  commodities,  such  as  articles  of  fashion,  or 
peculiar  foodstuffs,  which  rarely  enter  international  trade,  whose 
prices  are  adjusted  locally  with  little  reference  to  the  price  of  similar 
commodities  in  foreign  countries.  A  third  class  of  products  occupies 
an  intermediate  stage  with  respect  to  international  price  adjust- 
ments. Examples  oi  these  are  specialized  textile  fabrics,  aluminum 
ware,  and  highly  wrought  manufactured  goods  of  various  sorts. 
In  times  of  normal  trade  operations  the  prices  of  such  goods  are 
only  roughly  adjusted  to  a  parity  in  the  several  markets  of  the 
world,  and  under  conditions  of  fluctuating  exchange  rates  their 
prices  are  often  far  from  the  gold  parity. 

In  the  tables  which  follow,  no  attempt  is  made  to  account  for  the 
discrepancies  in  the  quotation  for  certain  products  among  the 
various  countries,  but  attention  is  called  to  the  fact  that  the  depreci- 
ated exchange  rates  become  less  and  less  a  disturbing  factor  in  the 
trade  of  a  particular  commodity  when  its  gold  price  approaches 
an  equality  the  world  over. 


SUMMARY. 

Table  C. — Comparative  prices. 

WHEAT. 
[Bushel.] 


Minne- 
apolis.! 

Winnipeg.' 

Year  and  month. 

Minne- 
apolis.! 

Winnipeg.* 

Year  and  month. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current^ 
plus  35 
cents. 

1920. 
Oct.   1 

82.36 
2.33 
2.18 
1.84 
1.61 
1.63 

1.89 
1.8;^ 
1.62 
1.79 
1.73 
1.63 

$2.42 
2.45 
2.31 
2.09 
1.84 
1.88 

1.99 
1.95 
1.72 
1.97 
1.92 
1.86 

$2.19 
2.21 
2.08 
1.86 
1.62 
1.61 

1.69 
1.70 
1.53 
1.73 
1.68 
1.62 

1921. 
Oct.  1 

$1.45 
1.43 
1.42 
1.38 
1.39 
1.36 
1.35 
1.38 
1.42 
1.40 
1.39 
1.42 
1.39 
1.32 
1.26 
1.27 
1.30 
1.35 
1.33 
1.36 
1.-35 
1.33 
1.34 
1.34 
1.34 
1.33 

$1. 29            $1. 52 
1  28              1  ';'> 

15 

3 

Nov.  1 

4 

1.23 
1.18 
1.16 
1.15 
1.14 
1.17 
1.22 
1.19 
1.18 
1.21 
1.20 
1.16 
1.10 
1.09 
1.09 
1.13 
1.11 
1.11 
1.13 
1.11 
1.09 
1.11 
1.11 
1.11 

l"  4& 

15 

5 

1  42 

Dec.  1 

6 

1  40 

15 

7 

1  39- 

1921. 

8 

I  3g 

Jan.  3 

10 

1  41 

15 

11 

1  46 

Feb.  1 

12 

1  43 

15 

13 

1  42 

Mar.  1.... 

14.   .   .   . 

1  45- 

15 

15 

1  44 

17 

1  41 

18 

1  35- 

19 

1  34 

20 

1  35- 

21 

1.38 

22 

1  35 

24 

1. 3T 

25 

1.39 

26 

1  37 

27 

1.35 

28 

1  37 

29 

1.37 

31 

1.37 

>  No.  1  dark  northern  spring.  ^  No.  1  northern  Manitoba. 

PRICES  OF  CANADIAN  AND  AMERICAN  WHEAT.i 


Date  of  purchase. 

1 

Prices  c.  i.  f. 

Buffalo 

in  bond, 

Canadian 

funds. 

2 

Sept.  27 

1921. 

$1. 4375 

Oct.     6 

1. 2275 

7 

1. 1975 

8 

1. 1888 

10 

1. 1900 

18 

1.2000 

20 

1.1200 

Canadian 

No.  1  northern 

Manitoba. 


Canadian 
price  in 

American 

currency, 
plus  35 

cents  duty. 


$1. 6480 
1.4600 
1.4380 
I.  4310 
1.4340 
1.4450 
1.  3740 


American 

dark  No.  1 

northern 

spring. 


C.  i.  f. 
Buffalo. 


$1. 5975 
1. 4250 
1.3850 
1.3788 
1.4200 
1.  2925 
1.3250 


Excess 
column  3' 

over 
column  4. 


$0.0505- 
.  0350 
.0530 
.  0522 
.0140 
.1525. 
.0490 


'  Prices  in  Buffalo  quoted  by  private  firms  from  actual  purchases. 


SUJVIMAEY. 
Table  C. — Comparative  prices — Continued. 

COTTON. 
[Pound.] 


New  York. 

Liverpool,  England. 

Osaka,  Japan. 

Year  and  month . 

Exchange. 

Exchange. 

Par.          Current. 

Par. 

Current. 

1921. 
January 

80.  1475 
.1430 
.1125 
.1200 
.1245 
.1140 
.1160 
.1280 
.1605 

$0.  2165 
.  1S91 
.1484 
.1538 
.1664 
.1660 
.  16o4 

$0. 1572 
.1485 
.1187 
.1242 
.1359 
.1334 
.1198 

$0.  1073 

SO.  1612 

February 

. 1720  !              . 1692 

March 

.  1327                 .  1293 

April 

.  1439 
.1499 
.1468 
.1388 
.  1435 
.1608 

.1398 

May 

.  1456 

June 

.  1422 

July 

.1343 

August 

.1768              .1356 
.  261 1              . 2008 

.1379 

September 

.1563 

PIG  IRON. 

[Gross  ton.] 


New 
York. 

England. 

France. 

Germany. 

Year  and  month. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Ciurent. 

Par. 

Current. 

1921. 
January 

839. 50 
34.50 
31.00 
29.50 
27.50 
26.50 
25.50 
23.50 
23.50 
23.50 

$54.  74 
47.44 
36.50 
29.20 
29.20 
29.20 
29. 20 
34.07 
32.  85 
29.20 

839.77 
37.27 
29.20 
23.57 
23.85 
23.48 
21.40 
26.14 
25.29 
22.37 

$87. 64 
87.64 
68.62 
68.03 
49.99 
46.07 
47.05 
38.23 
38.23 
35.30 

$27. 02 
31.83 
25.67 
24.53 
20.21 
20.22 
18.61 
16.30 
15.59 
12.97 

February 

March 

A  pril 

May 

$400.98 

$26.  07 

June 

July 

August 

September 

October 

393.00 

13.10 

COPPER. 
[Pound.] 


Year  and  month. 


1921. 

January 

February 

March 

April 

May 

June 

July 

August 

September 


New  York. 


$0. 1275 
.1275 
.  1250 
.  12,')0 
.1237 
.  1.325 
.1263 
.1175 
.1162 


Ensland. 


Exchange. 


Par.         Current. 


$0. 1770 
.  1667 
.  1597 
.  1,584 
.1584 
.  1662 
.  1662 
.1640 
.1575 


$0. 1286 
.  1309 
.1277 
.1279 
.1294 
.  1335 
.1218 
.1258 
.1212 


Germany. 


Exchange. 


Par.  Current. 


$1.6100 
1.  .3000 
1. 61(K) 
1.6900 
1. 6850 
1.6700 
1.  9300 
1. 9800 


$0. 0927 
.0905 
.1115 
.1142 
.  1095 
.  1110 
.1000 
.1116 


SUMMARY. 

Table  C. — Comparative  prices — Continued. 
WHITE    LEAD. 

[Pound.] 


New  York. 

England. 

France. 

Year  and  mouth. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1921. 

$0.0900 
.0800 
.0800 
.0750 
.0750 
.0750 
.  07.50 
.0650 
.0688 

$0.1380 
.1108 
.0988 
.0869 
.0933 
.0956 
.0956 
.0956 
.0972 

$0. 1002 
.0870 
.0790 
.0701 
.0762 
.0768 
.0701 
.0733 
.0748 

$0. 3064 
.2451 
.1838 
.1750 
.1926 
.1663 
.1401 
.1401 
.1401 

$0. 0945 

.0890 

March 

.0688 

.0631 

May               

.0778 

.0730 

July 

.  0554 

August 

.0597 

.0571 

BENZOIC  ACID. 
[  Pound  .1 


Year  and  month. 


1921 

January , 

February 

March 

April 

May 

June 

July 

August 

September 


New  York. 


$0. 6500 
.5800 
.5500 
.5500 
.5500 
.5000 
.5000 
.5000 
.5500 


London. 


Exchange. 


$0. 6386 
.6386 
.5575 
.5575 
.5575 
.5971 
.5971 
.4561 
.4561 


Current. 


$0.  4639 
.5016 
.4459 
.4501 
.  4554 
.4797 
.4376 
.3499 
.3511 


Hamburg. 


Exchange. 


Par. 


$5. 1200 
4.2100 
4.0500 
4.3200 
3.6400 
3.8000 
3.5600 
3.6700 


Current. 


$0.  2934 
.2796 
.2790 
.2903 
.2385 
.  2527 
.1844 
.2070 


WORSTED   YARN.' 
[Pound.] 


Year  and  month. 


Boston. 


1921. 

January $1.  4700 

February 1. 4700 

March 1. 4700 

April 1. 3500 

May 1. 3700 

June 1. 4200 

July 1. 3500 

August 1.3500 

September i  l.  3500 


Bradford,  England. 


Exchange. 


Par. 


$1. 5000 
1.3900 
1.  2300 
1. 0300 
.9900 
.9900 
1.  0340 
.9935 
.9732 


Current. 


$1. 0900 
1. 0900 
.9800 
.8300 
.8100 
.7600 
.7890 
.7622 
.7492 


Current 
plus  duty. 


$1.29 
1.29 
LIS 
.99 
.95 
1.35 
1.38 
1.35 
L33 


I  Dutiable  at  18  per  cent.    After  May  27, 1921,  45  cents  per  pound  additional. 


SUMMARY. 

Table  C. — Comparative  prices — Continued. 

ALUMINUM   WARE. 


Article. 


Teakettles 

Do 

Do 

Coffee  pots,  2  quarts 

Berlin  kettles,  4  cm 

BerUn  kettles,  20  era 

Preserving  kettles,  20  cm . 
Preserving  kettles,  26  cm . 

Frying  pans,  22  cm 

Stewpans,  18  cm 

Teapots,  12  cm 


German  invoice  price, 
April —  1 


$0. 8309 
.6549 
.7098 
.6080 
.3450 
.4200 
.2250 
.3880 
.2770 


1921 


$0. 4130 
.3760 
.4050 
.5990 
.  3650 
.4330 
.2830 
.5530 
.  2280 
.4150 
.5940 


United 
States 
wholesale 
prices, 
April, 
1921 .2 


$3.69 
3.90 
4.23 
2.50 
1.42 
1.87 
1.08 
1.74 
1.20 
1.17 
2.61 


1  Prices  obtained  from  the  United  States  customs  records. 

2  Prices  obtained  from  private  firms. 

The  third  section  of  the  report  concerns  itself  with  a  comparison 
of  wages  in  the  United  States,  England,  France,  and  Germany. 
Some  of  the  wage  differences  between  this  country  and  Europe  are 
due  to  relatively  permanent  economic  causes  which  are  in  operation 
in  peace  as  well  as  war,  but  a  portion  of  the  low  wages  abroad  as 
expressed  in  dollars  is  due  to  the  depreciated  exchange.  The  wage 
rates  given  for  Germany  are  converted  into  American  money,  first 
at  the  rate  of  exchange  on  the  date  of  the  wage  quotations;  second, 
at  a  rate  based  on  the  equivalent  purchasing  power  over  commodities 
at  wholesale;  and  third,  at  a  rate  based  on  the  relative  cost  of  living 
in  Germany  and  the  United  States  as  measured  by  the  index  numbers 
for  a  family  budget. 

Table  D. — Average  hourly  earnings  in  major  manufacturing  industries  in  the  United 

Stales  and  Germany.^ 


Industry. 


Germany. 


Metals 

Chemicals 

Paper 

Lumber  2 

Meat  packing 

Cotton  3 

Silk3 

Wool' 

Hosiery  and  knit  goods  ^ 

Furniture  < 

Leather  tanning 

Boots  and  shoes  » 


United  States. 


Males.    Females. 


$0. 657 
.643 
.630 
.563 
.596 
.533 
.  508 
.623 
.623 
.541 
.660 
.656 


$0. 406 
.364 
.369 
.284 
.414 
.392 
.348 
.488 
.396 
.331 
.362 
.433 


Converted  at  cur- 
rent rate  of  ex- 
change. 


Males.    Females, 


80.117 
.092 
.086 
.091 
.098 
.084 
.084 
.084 
.084 
.110 
.100 
.100 


$0. 064 
.0.53 
.045 
.057 
.058 
.062 
.062 
.062 
.062 
.060 
.063 
.063 


Equivalent  pur- 
chasing power 
based  on  i'nited 
States  and  Ger- 
man price 
indices. 


Males.    Females. 


.197 
.1.55 
.  143 
.151 
,161 
.1.39 
.1.39 
.139 
,139 
,183 
,  166 
,166 


.106 
.088 
.074 
.095 
.096 
.104 
.104 
.104 
.104 
.104 
.105 
.105 


Equivalent  pur- 
chasing power 
based  on  relative 

cost  of  living  in 
United  States 
and  Germany. 


Males.    Females. 


$0. 267 
.211 
.196 
.200 
.222 
.189 
.189 
.189 
.189 
.248 
.226 
.226 


1  Statistics  for  wages  in  United  States  for  December,  1920,  compiled  by  the  National  Industrial  Confer- 
ence Board,  Research  Report  No.  35,  March,  1921.  (Jerman  basic  wages  reported  by  Statist ischcs  Reichs- 
amt  for  February,  1920,  readjusted  to  May,  1921,  by  application  of  the  wage  index  number  publislied  bv 
the  Frankfurter Zeitung  for  the  Frankfurt  district. 

1  German  figures  cover  building  industry. 

'  German  figures  cover  te.-ctilc  and  clothing  industry. 

*  German  figures  cover  woodworking  industry. 

'  German  figures  cover  chiefly  tanning  industry. 


8  SUMMARY. 

A  point  to  be  considered  in  this  summary  of  German  wages  is: 
What  rate  of  exchange  should  be  used  in  particular  cases  ?  Without 
entering  into  a  detailed  discussion  here,  it  may  be  said  that  if  the 
subject  under  consideration  is  an  industry  in  Germany  which  is 
manufacturing  for  the  export  trade  in  competition  with  American 
pnxhicers,  the  wages  of  the  German  laborers  in  the  particular  industry 
should  be  converted  at  the  current  rates  of  exchange.  On  the  other 
hand,  if  the  general  industrial  situation  in  Germany  as  compared 
with  the  United  States  is  considered,  German  wages  in  terms  of 
the  cost  of  living  is  the  proper  conversion  rate.  The  real  cost  to 
the  German  community  of  the  products  which  it  exports  is  the 
amount  of  food,  shelter,  and  clothing  which  wage  earners  are  able 
to  command  with  their  wages.  Furthermore,  the  laboring  class  in 
Germany  is  a  direct  charge  on  the  Government  to  the  extent  that 
subsidies  of  food  and  transportation  enable  the  consumers  to  pay 
less  than  the  actual  cost  of  the  commodities  and  services  subsidized. 
Food  subsidies  allow  the  individual  manufacturer  to  pay  lower  wages 
than  under  open-market  conditions,  but  his  gain  is  largely  robbing 
Peter  to  pay  Paul. 

EXCHANGE    AND    THE    TARIFF. 

From  the  facts  and  figures  presented  in  this  report  it  appears 
that  the  tariff  problena  between  the  United  States,  England,  and 
France  has  been  largely  eliminated,  so  far  as  the  exchange  situation 
is  concerned,  by  the  close  adjustment  of  the  internal  and  external 
value  of  sterling  and  the  franc. 

Special  products  may  present  special  problems,  and  in  some  cases 
unit  costs  in  France  and  England  may  be  abnormally  low  because 
wages  in  those  countries  are  not  as  completely  adjusted  to  inter- 
national values  as  prices  are;  but  in  the  main,  serious  competition 
from  them  is  not  to  be  expected  because  of  the  discount  on  ex- 
change alone.  As  compared  with  American  prices,  paper  prices  for 
these  countries  have  risen  on  the  average  as  much  as  exchange  has 
fallen. 

On  the  other  hand,  Germany  still  has  a  decided  advantage  in  the 
world  markets  because  of  the  discount  on  the  mark.  As  trade 
restrictions,  both  physical  and  artificial,  are  removed  the  discrepancy 
between  internal  and  external  values  will  be  eliminated,  but  until 
this  comes  about  particular  industries  in  Germany  have  a  decided 
advantage  in  world  trade. 

Not  only  are  German  prices  unadjusted  to  world  markets  but 
German  wages,  and  therefore  costs  of  production  are  still  more  out 
of  line  with  international  values.  Because  of  restrictions  on  emigra- 
tion, food  subsidies,  and  the  low  value  of  the  mark  abroad  as  com- 
pared with  its  domestic  purchasing  power,  unit  costs  in  Germany  for 
articles  involving  much  labor  will  be  low  for  some  time  to  come. 

The  foregoing  considerations  indicate  that  great  difficulty  would  be 
experienced  in  levying  and  administering  a  tariff  to  offset  the  low 
rates  of  exchange.  A  flat  rate  of  duty  against  all  products  from  all 
countries  obviously  will  not  accomplish  the  purposes  intended  because 
of  the  different  degrees  of  price  adjustment  to  an  international  gold 
basis.  Not  only  is  there  a  difference  in  the  extent  of  this  adjustment 
among  countries,  but  the  prices  of  different  products  in  the  same 


SUMMARY.  9 

country  are  affected  in  different  degrees  by  paper  inflation.  For  this 
reason  offsetting  duties  should  be  levied  on  specific  products  and  the 
rates  should  be  fixed  with  an  eye  to  the  particular  source  from  which 
protection  is  sought.  Moreover,  the  list  of  commodities  given  special 
protection  should  be  revised  from  time  to  time  because,  as  the  adjust- 
ing process  goes  on,  products  are  constantly  shifting  from  the  class 
whose  prices  are  fixed  locally  in  paper  money  to  the  class  of  goods 
whose  prices  are  on  an  international  gold  basis  and  which,  therefore, 
require  no  offsetting  duties  against  the  exchange  rate. 


DEPRECIATED  EXCHANGE  AND  INTERNATIONAL  TRADE.^ 


INTRODUCTION    AND    STATEMENTS    OF    THE    PROBLEM.' 

If  the  exchanges  were  fixed  at  the  present  levels,  prices  and  costs 
of  production  in  various  countries  would  so  adjust  themselves  in  the 
course  of  time  that  international  trade  would  not  be  affected  by  the 
exchange  rates/ 

The  "high"  or  "low"  rates  of  exchange  on  a  given  country  are  not 
important  within  themselves,  but  the  changes  in  rates  are  the  dis- 
turljing  factors.  The  changes  are  of  two  sorts:  First,  the  daily  fluc- 
tuations either  upward  or  downward  which  affect  speculative  markets 
for  exchange  itself  and  which  also  affect  trade  by  introducing  elements 
of  uncertainty  into  international  dealings;  and  second,  the  long-time 
upward  or  downward  swings  of  exchange  which  seriously  affect  inter- 
national values  of  all  commodities.  The  temporary  fluctuations  are 
important,  but  no  attempt  is  made  in  the  present  investigation  to 
account  for  them  except  occasionally  when  reasons  for  sudden  changes 
are  obvious.  The  effects  of  the  long  drifts  are  of  chief  importance  for 
purposes  of  tariff  legislation,  and  it  is  to  these  that  attention  is 
directed. 

The  disturbing  effects  of  these  changes  assume  various  forms,  but 
all  of  them  are  in  the  nature  of  maladjustments  due  to  the  lag  in 
economic  reactions.  Prices,  especially  of  certain  standard  products, 
respond  quickly  to  the  changes  in  exchange  rates,  wages  move  more 
slowly  in  answer  to  the  impulse,  and  other  items  of  cost,  such  as  rents 
and  overhead  charges,  respond  to  the  change  only  after  years  of 
pressure. 

The  whole  problem  of  exchange,  therefore,  as  it  affects  international 
trade  at  any  particular  time  is  the  degree  to  which  the  various  eco- 
nomic factors  have  adjusted  themselves  to  the  prevailing  rates.  For 
this  reason  any  statement  of  conditions  based  upon  the  facts  of  a 
given  date  must  be  revised  continually  as  the  adjusting  process  goes 
on. 

'  In  thepreparation  of  this  report  the  comimssion  had  the  services  of  George  P.  Comer,  of  the  commis- 
sion's staff,  and  of  others. 

'  Without  atiemptmg  to  give  an  exhaustive  list  of  authorities,  the  following  men  may  be  mentioned 
whose  writings  constitute  the  theoretical  foundations  of  the  present  discussions: 

Goschen,  Foreign  Exchanges,  1892. 

Gustav  Cassel,  .Vbnormal  Deviations  in  International  Exchange,  Economic  Journal,  December,  1918; 
World's  Monetary  I^rol)lem,  The  Annals,  May,  1920;  Memorandum  on  the  World's  Monetary  Problem, 
Paper  No.  13,  Brussels  International  Financial  Conference,  1920. 

.V.  C.  I'igou,  Some  I'rolilerns  of  Internaiional  Exchange,  Economic  Journal.  December,  1920. 

John  H.  Williams,  .\rgcntme  International  Trade  in  Inconvertible  Paper  Money. 

Carl  Dicbl,  I'ber  I''ragen  dcs  (leldwcscii  uiid  der  Vahila. 

F.  W.  Taussig,  Free  Trade,  the  Tariff  and  Reciprocity. 

G.  W.  J.  Bruins,  Memorandum  on  exdiange  prepared  for  The  International  Financial  Conference, 
Brus.sels 

.1.  Shield  Nicholson,  Inflation. 

Henry  K.  E.  (^handler.  Some  Fundamental  Fa^'tors  in  Foreign  Exchange,  Comm.erce  Monthly,  Mav,  1921. 

Brookmires  Forecaster,  Sept.  22, 1919;  Apr.  12, 1920;  Mar.  28, 1921. 

Norman  E.  Crump,  A  Revie.v  of  Recent  Foreign  Exchange  Fluctuations,  Journal  of  the  Roval  Sta- 
n.sr.ical  Society,  May,  1921 . 

<  In  this  report  the  "rate  of  exchange"  means  the  gold  value  of  foreign  cnireneies  expressed  in  United 
States  dollars. 

10 


DEPEECIATED   EXCHANGE    AND    INTERNATIONAL    TRADE.  11 

In  this  study  the  degree  to  which  the  adjustment  had  taken  place 
down  to  the  middle  of  1921  is  set  forth,  first,  by  international  price 
comparisons  as  measured  by  index  numbers;  second,  by  price  quota- 
tions for  certain  specific  products,  such  as  wheat,  copper,  and  pig 
iron,  whose  markets  are  world-wide;  third,  by  price  studies  of  com- 
modities whose  production  and  distribution  are  relatively  limited  in 
scope,  such  as  aluminum  ware  and  certain  chemical  and  metal  pro- 
ducts; and  fourth,  by  a  comparison  of  wages  in  the  chief  industries 
of  the  United  States,  England,  France,  and  Germany. 

International  Price  Adjustments  Measured  by  Index  Numbers. 

The  international  price  comparisons  as  measured  by  index  numbers 
are  important  not  only  because  the  use  of  the  indices  eliminates 
erratic  price  fluctuations  of  particular  products,  but  also  because  it 
permits  of  a  comparison  between  the  rise  of  prices  and  the  fall  of 
exchange,  a  comparison  which  is  fundamental  to  the  whole  exchange 
problem  because  it  indicates  the  degree  of  adjustment  to  stabilized 
conditions  in  which  the  "high"  or  "low"  exchanges  are  not  a  dis- 
turbing factor.  If  paper  prices  in  a  given  country  have  risen  above 
American  prices  in  the  same  proportion  that  the  exchange  has  fallen, 
there  will  be  no  disturbance  to  trade  caused  by  the  prevailing  (and 
unchanging)  rates;  that  is  to  say,  if  the  paper  prices  of  German  pro- 
ducts in  general  have  risen  since  1913  ten  times  more  than  American 
products  have  risen  and  the  mark  exchange  has  fallen  to  one-tenth 
its  former  gold  value,  there  will  be  no  advantage,  on  the  average,  in 
buying  marks  in  the  United  States  and  spending  them  in  Germany. 
By  similar  reasoning,  if  the  increase  in  German  paper  prices  over  the 
increase  of  American  prices  is  less  than  the  fall  of  exchange  it  becomes 
profitable  to  purchase  marks  in  the  United  States  and  spend  them  in 
Germany.^ 

Assuming  this  statement  of  the  relation  of  prices  and  exchange 
rates  to  be  correct,  the  further  question  of  determining  the  actual 
price  levels  in  various  countries  remains  open.  The  best  data  avail- 
able on  this  subject  are  the  index  numbers  of  wholesale  prices  pub- 
lished in  various  countries.  These  are  not  exactly  suited  to  the 
purpose,  however,  because  the  prices  from  which  the  indices  are  com- 
puted are  but  samples  of  the  whole  body  of  price  data  in  a  given 
country.  Furthermore,  these  sample  tests  are  somewhat  different  in 
various  countries,  and  for  that  rea.son  the  resulting  indices  are  not 
exactly  comparable.  How  important  this  discrepancy  may  be  is 
indicated  by  the  notable  differences  in  indices  compiled  by  different 
authorities  in  the  same  country.  A  more  important  discrepancy 
perhaps  than  any  of  the  above  grows  out  of  the  fact  that  in  every  case 
these  indices  do  not  measure  exactly  the  absolute  price  differences 
among  countries  but  show  only  the  changes  in  prices  within  a  given 
country  at  a  given  time  as  compared  with  a  base  price  in  the  same 
country.     It  therefore  by  no  means  follows  that  the  base  of  100  per 

*  Arilhmptically  the  advantage  to  be  gained  in  purchasint;  goods  in  ricrniany  wlipn  (he  iiuTease  in  mark 
prices  over  the  increase  in  dollar  prices  is  less  Ihiui  \hr  fall  of  exchange  niay"l)e  illnslrated  by  assuming 
American  jjrices  to  be  two  times  those  of  19i:t,  Cermaii  |)iicfs  l.'i  limes  the  ])r(>war  level,  and  ihe  mark  ex- 
change at  one-tenth  of  jiar.  Under  such  (Hjiuliiions  I  lie  paper  mark,  costing  ?().()2;w,  would  i)uri-hase  in 
(iennany  one-fifteenth  of  the  amount  of  goods  it  purchased  in  1913,  but  in  the  United  States  it  would  pur- 
chase only  one-twentieth  of  the  prewar  amount;  i.  e.,  the  mark  will  purchase  33J  per  cent  more  goods  in 
Germany  than  in  the  United  States. 


12 


DKPRKC'IATED   EXCHANGE    AND    INTERNATIONAL    TRADE. 


cent  in  one  country  represents  the  same  absolute  prices  as  are  repre- 
sented by  the  same  percentage  in  another  country.  To  the  extent 
that  the  absolute  prices  represented  by  the  base  year  are  different 
in  different  countries  there  is  an  element  of  fallacy  in  the  statement 
that  normally  exchange  rates  should  follow  comparative  price  levels 
in  various  countries. 

Among  the  leading  industrial  countries  of  the  world,  however,  there 
is  some  presumption  that  absolute  prices  before  the  war  were  closely 
adjusted  for  those  products  included  in  the  standard  index  numbers. 
It  is  true  that  a  multitude  of  specialized  manufactured  articles  and 
the  bulk  of  perishable  or  immobile  products  are  priced  locally  almost 
regardless  of  the  prices  of  similar  commodities  in  other  countries,  but 
in  staple  articles  of  commerce  international  competition  brings  prices 
to  a  rough  parity  after  allowances  are  made  for  restraints  of  trade 
and  costs  of  transportation. 

Inasmuch  as  this  point  is  fundamental  to  certain  conclusions  drawn 
later,  some  statistical  evidence  on  the  subject  is  presented  in  the 
following  table: 

Table  1. — Price  levels  in  1913-14. 


:Sum  of  unit  prices  (per  pound,  bushel, 

yard,  etc.) 

Dollar  equivalent 

Sum  of  metal  prices 

Dollar  equivalent 

Sum  of  chemical  prices 

Dollar  equivalent 

Sum  of  agricultural  and  food  prices 

Dollar  equivalent 

.  Sum  of  textile  prices 

Dollar  equivalent 


United 
States. 


United 
King- 
dom. 


137  commodities. 


$361. 54 
1.00 


$364. 23 
1.01 


27  commodities. 


$138. 95 
1.00 


$154. 15 
1.11 


53  commodities. 


$160. 36 
1.00 


$154. 02 


39  commodities. 


$42. 35 
1.00 


$39.35 
.93 


18  commodities. 


$19.  S8 
1.00 


$16. 72 

.84 


United 
States. 


France. 


41  commodities. 


$4,5. 13 
1.00 


$48. 51 
1.07 


5  commodities. 


$1.01 
1.00 


$1.07 
1.06 


10  commodities. 


$7.76 
1.00 


$7.30 
.94 


23  commodities. 


$31.34 
1.00 


$35. 37 
1.13 


3  commodities. 


$5.01 
1.00 


$4.76 
.95 


United 
States. 


Germany. 


37  comjnodities. 


$133. 03 
1.00 


$140.79 
l.Ofi 


7  commodities. 


$68.27 
1.00 


$66.51 
.97 


8  commodities.! 


$9.81 
1.00 


$13. 59 
1.39 


19  commodities. 


$54.32 
1.00 


$60.01 
1.11 


3  commodities. 


$0.63 
1.00 


$0.69 
1.09 


•  It  is  noteworthy  that  the  total  unit  price  of  eight  chemicals  in  Germany  in  1913-14  was  considerably 
higher  than  the  total  unit  price  of  the  same  products  in  the  United  States.  This  is  due  to  the  fact  that 
the  i)r()(lu(ts  hstod  were  chiefly  heavy  clicinicals,  such  as  cau.stic  soda  and  ammonium  sulphate,  a  class  of 
products  in  which  (icrmany  has  not  a  special  i)ro(iuctive  advantage  comparable  with  the  advantage  which 
she  enjoys  in  the  cost  of  line  chemicals. 

The  close  parity  of  price  levels  indicated  by  this  table,  especially 
between  England  and  the  United  States,  is  doubtless  something  of 


DEPRECIATED  EXCHANGE   AND   INT'ERNATIONAL   TRADE.  13 

a  coincidence  and  the  figures  are  to  be  considered  merely  as  a  bit  of 
statistical  evidence  bearing  on  the  subject. 

In  addition  to  the  possible  error  in  assuming  that  various  index 
numbers  are  based  on  approximately  the  same  absolute  price  levels 
in  1913,  there  is  the  further  error  involved  in  the  comparison  of 
relative  prices  and  exchange  rates  growing  out  of  the  daily  and  weekly 
fluctuations  of  exchange  which  no  price  indices  can  reflect.  Sudden 
shifts  in  exchange  quotations  covering  a  few  hours  or  a  few  days  at 
most  will  cause  perturbations  in  prices  for  months.  After  due 
allowances  are  made,  however,  for  these  factors,  there  remains  a 
close  connection  between  price  levels  and  exchange  rates.  The 
essential  relation  is  that  the  exchanges  between  countries  vary  nor- 
mally with  the  relative  price  levels  of  the  countries;  that  is  to  say 
(assuming  a  state  of  equilibrium  in  1913),  if  the  price  level  in  Eng- 
land is  300  per  cent  of  the  prewar  level  and  in  the  United  States  the 
level  is  200  per  cent  of  the  prewar  level,  the  exchange  on  London  will 
tend  to  approach  two-thirds  of  par.  To  the  extent  that  this  ratio 
does  not  in  fact  obtain,  to  that  extent  is  there  a  difference  in  the 
values  of  the  dollar  or  of  the  pound  in  England  and  the  United  States, 
and  therefore  to  that  extent  will  the  trade  between  the  two  coun- 
tries be  disturbed  by  the  exchange  rates. 

COMPARISON    OF    INTERNAL    VALUES    OF    MONEY  AND  GOLD  EXCHANGE. 

The  actual  comparison  of  price  levels  and  exchange  rates  given  in 
the  table  below  was  determined  arithmetically,  first,  by  dividing  the 
foreign  index  number  of  prices  into  the  American  price  index.  This 
gives  a  percentage  which  is  applied  to  the  par  of  exchange.  In 
Table  2a,  for  example,  the  English  index  for  January,  1919,  of  224 
divided  into  the  American  index  of  195  gives  a  percentage  of  87.06. 
Applying  this  percentage  to  S4.8665,  we  obtain  $4.2368  as  the  pur- 
chasing power  of  a  pound  sterling  in  English  markets.  On  the  same 
date  sterling  would  buy  $4.7579  worth  of  gold,  a  discrepancy  whose 
significance  will  be  discussed  below. 
599—22 2 


14 


DEPRECIATED   EXCHANGE    AND    INTEPxNATIONAL   TRADE. 


Table  2a. — Purchasing  power  parities  and  rates  of  exchange. 
ENGLAND. 


Period. 


1913 

1919. 

January 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1920. 

January 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1921. 

January 

February 

March 

April 

May 

June 

July 

August 

September 


United 

States 

index  No.' 


100 


195 

189 
191 
196 
202 
203 
211 
218 
211 
212 
219 
226 


241 
241 
248 
263 
264 
258 
250 
234 
226 
208 
190 
173 


163 
154 
150 
143 
142 
139 
141 
143 
143 


English 
index  No.' 


224 
220 
217 
217 
229 
235 
243 
250 
252 
264 
271 
276 


306 
307 
313 
305 
300 
299 
298 
292 
282 
263 
243 


232 
215 
208 
199 
191 
183 
186 
183 
176 


Percentage 
which 
United 

States 

index  is  of 

English 

index. 


Parity  of 

purchasing 

power. ^ 


87.06 
85.91 
88.02 
90.32 
88.21 
86.40 
86.84 
87.20 
83.74 
80.30 
80.82 
81.90 


83.68 
78.76 
80.78 
84.03 
86.56 
86.00 
83.62 
78.53 
77.40 
73.76 
72.25 
71.19 


70.26 
71.63 
72.12 
71.86 
74.35 
75.96 
75.81 
78.14 
81.25 


$4. 2368 
4. 1808 
4.2835 
4. 3954 
4. 2927 
4. 2047 
4. 2261 
4. 2436 
4. 0752 
3. 9078 
3. 9331 
3.9857 


4. 0723 
3.8329 
3. 9312 
4. 0893 
4. 2124 
4. 1852 
4.0694 
3.  8217 
3. 7667 
3. 5895 
3.  5160 
3.4645 


3. 4192 
3.4859 
3. 5097 
3. 4971 
3.6182 
3. 6966 
3. 6893 
3.  8027 
3. 9540 


Exchange 
rate.< 


S4. 8665 


4. 7579 
4. 7579 
4. 6875 
4. 6650 
4. 6712 
4. 6202 
4.  4189 
4. 2724 
4. 1772 
4.1860 
4.0608 
3. 8164 


3. 6794 
3. 3745 
3. 7207 
3. 9339 
3. 8491 
3. 9521 
3.8671 
3. 6218 
3.  5151 
3. 4771 
3. 4354 
3.  4910 


3.743 
3.872 
3.910 
3. 930 
3.974 
3.790 
3.632 
3.651 
3.724 


Percentage 

which 
column  5 

is  of 
column  6, 


89.05 
87.87 
91.38 
94.22 
91.90 
91.01 
95.64 
99.33 
97.56 
93.35 
96.86 
104.  48 


110. 68 
113. 58 
105. 66 
103. 95 
109.44 
105. 90 
105. 23> 
105. 52 
107. 1© 
103.23 
102. 35 
99.24 


91.35 
90.03 
89.76 
88.99 
91.05 
97.54 
101. 58 
104. 16 
106. 18 


1  Federal  Reserve  Board  index  numbers  of  wholesale  prices. 

2  London  Statist  index  numbers  of  wholesale  prices. 

.  >  Column  5  derived  by  applying  the  percentages  in  column  4  to  the  par  of  exchange,  $4.8665. 
■•  Monthly  average  of  daily  noon  buying  rates  for  cable  transfers  in  New  York  City. 


DEPRECIATED    EXCHAXGE    AND    INTEIINATIOXAL   TRADE. 


15 


Table  2h. —Parcha'iing  power  parities  and  rates  of  exchange. 
FRANCE. 


Period . 


United 

States 

index  No.> 


French 
index  No.^ 


Percentage  | 
which      i 

United     i    Parity  of 
States       purchasing 


index  is  of 
French 
index. 


power. 


Exchange 
rate.* 


Percentage 

which 
column  5 

is  of 
column  6. 


1913 

1919. 

January 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1920. 

January 

Febniary 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1921. 

January 

February 

March 

AprU 

May 

June 

July 

August 

September 


100 


195 
189 
191  1 
196  1 
202 
203 
211  i 
21S  ! 
211 
212 
219 
226 


241 
241 
248 
263 
264 
258 
250 
234 
226 
20S 
190 
173 


163 
154 
1.50 
143 
142 
139 
141 
143 
143 


348 
340 
337 
332 
325 
329 
349 
347 
360 
382 
405 
417 


487 
522 
555 
588 
550 
493 
496 
501 
526 
502 
461 
435 


407 
377 
360 
347 
329 
324 
330 
331 
344 


56.04 
55.60 
55.68 
59.04 
62.15 
61.70 
60.46 
62.83 
58.61 
5.5.  50 
54.07 
54.20 


49.49 
46.17 
44.69 
•44.73 
48.00 
52:33 
50.40 
46.71 
42.97 
41.44 
41.22 
39.77 


40.  05 
40.85 
41.67 
41.21 
43.16 
42.90 
42.73 
43.20 
41.57 


$0. 1082 
.1073 
.1094 
.1139 
.1199 
.1191 
.1167 
.1213 
.1131 
.1071 
.1044 
.  1040 


.0955 
.0891 
.0862 
.0863 
.0926 
.1010 
.0973 
.0901 
.0829 
.0800 
.0795 
.0767 


.0773 
.0788 
.0804 
.0795 
.0833 
.0828 
.0825 
.0834 
.0802 


$0. 193 


.1832 
.1830 
.1706 
.1672 
.  1,581 
.1563 
.1432 
.1284 
.1178 
.  1118 
.11,57 
.  0929 


.  0854 
.0703 
.0722 
.0625 
.0675 
.0793 
.0813 
.0696 
.0676 
.0656 
.0600 
.0529 


.0645 
.0717 
.0704 
.0724 
.0830 
.  0805 
.0781 
.0775 
.0728 


59.06 
58.63 
64.13 
68.12 
75.84 
76.20 
80.50 
94.47 
96.01 
95.80 
90.23 
112.60 


111.83 
126.  74 
119.  89 
138. 08 
137. 19 
127. 37 
119.68 
129. 45 
122. 63 
121. 96 
132.  50 
144.99 


119.84 
109.  90 
114. 20 
109.81 
100.36 
102.  86 
105. 63 
107. 61 
110. 17 


'  Federal  Reserve  Board  index  numbers  of  wholesale  prices. 

2  Bulletin  de  la  St.ulistique  (ienerale. 

3  Column  5  derived  by  afiplying  the  percentage  in  column  4  to  the  par  of  exchange, 
*  Monthly  average  of  daily  noon  buying  rates  for  cable  transfers  in  New  York  City. 


16 


iJKritKCIATED    KXCJIAXCE    AXD    INTERNATIONAL   TRADE. 


Table  2c. — Purchasing  power  piirilies  and  rates  of  exchangt. 
GERMANY. 


Period. 


1913 

1920 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1921 

January 

Februairj' 

March 

April 

May 

June 

July 

August 

September 


United 

States 

index  No.' 


248 
20:j 
264 
258 
2.50 
234 
226 
208 
190 
173 


16:5 
1.^)4 
150 
143 
142 
139 
141 
143 
143 


German 
index  N0.2 


1615 
1604 
1714 
1473 
1495 
1547 
1582 
1604 
1670 
1681 


1626 
1495 
1440 
1429 
1429 
1376 
1467 
1690 
1777 


Percentage 
which 
United 
States 

index  is  of 
German 
index. 


15.36 
16. 40 
15. 40 
17.52 
16.72 
15.13 
14.29 
12.97 
11.38 
10.29 


10.03 
10.30 
10.42 
10.01 
9.94 
10.10 
9.61 
8.46 
8.04 


Parity  of 

purchasing 

power.' 


.0365 
.0390 
.0366 
.0417 
.0398 
.0360 
.0340 
.0309 
.0271 
.0245 


.0239 
.0245 
.0248 
.0238 
.0236 
.0240 
.0229 
.0201 
.0191 


Exchange 
rate.' 


$0. 2:380 


.0127 
.0165 
.0218 
.  0256 
.0253 
.0210 
.0173 
.0148 
.0132 
.0137 


.0155 
.0164 
.0160 
.0158 
.0163 
.0149 
.0130 
.0118 
.0097 


Percentage 

which 
column  5 

is  of 
column  6. 


287. 40 
236. 36 
167.  89 
162. 90 
1.57.31 
171.43 
196. 53 
208.79 
205.31 
178  83 


1.54. 19 
149. 39 
155. 00 
1.50. 63 
144.  79 
161.08 
176. 16 
170. 34 
196. 91 


1  Federal  Reserve  Board  index  numbers  of  wholesale  prices. 

2  Frankfurter  Zeitung  index  numbers,  as  published  by  the  Federal  Reserve  Board. 

'  Column  5  derived  by  applying  the  percentages  in  column  4  to  the  par  of  exchange,  $0,238. 
*  Monthly  average  of  daily  noon  buying  rates  for  cable  transfers. 

In  the  interpretation  of  these  tables,  especially  that  for  England, 
only  wide  discrepancies  between  the  relative  price  levels  (called  "pur- 
chasing power  parity"  in  the  table)  and  the  exchange  rates  should  be 
considered  significant.  Minor  differences  may  be  due  as  often  to  the 
inadequacy  of  the  available  data  as  to  differences  between  the  pur- 
chasing power  of  money  at  home  and  abroad.  It  is  therefore  the 
wide  divergence  between  the  two  sets  of  figures  at  certain  periods  as 
compared  with  others  (columns  5  and  6)  to  which  attention  is  directed. 
In  the  early  part  of  1919  exchange  rates  for  both  England  and  France 
were  considerably  above  the  rate  based  on  the  parity  of  purchasing 
power,  as  measured  by  wholesale  prices;  that  is  to  say,  the  gold 
values  of  these  moneys  were  greater  than  their  values  in  terms  of  do- 
mestic commodities.  In  1920  the  reverse  condition  prevailed.  In 
the  case  of  France,  the  internal  value  of  the  franc  was  often  30  to  40 
per  cent  greater  at  home  than  its  value  in  gold.  In  1921  the  two 
sets  of  rates  approach  an  identity,  especially  in  the  middle  of  the  year. 
Later  figures  show  another  divergence,  but  whether  it  is  fundamental 
or  accidental  can  not  be  determined  at  this  time.  In  the  case  of 
Germany,  no  figures  are  shown  before  March,  1920,  because  of  the 
lack  of  reliable  index  numbers  of  wholesale  prices  in  that  country 
prior  to  that  date.  The  first  comparison  shows  a  parity  rate  nearly 
three  times  the  exchange  rate — 287  per  cent.     In  other  words,  the 


DErKECIATED    I^XCHAXCIE    AND    IXTEKXATKiXAL   TRAl'E.  ^7 

I'UIUMIASINd  I'OWEK   I'AinriRS   AXl)  KATES  OF  EXCHANGE. 


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18  DKPKEt'IATED    EXCHANGE    AND    INTERNATIONAL.   TRADE. 

mark  would  buy  in  March,  1920,  SO. 0365  worth  of  German  goods 
and  only  $0.0127  worth  of  gold.  By  May,  1921,  this  discrepancy 
had  been  reduced  almost  half.  Recently,  however,  the  fall  of  ex- 
changes has  exceeded  the  rise  of  German  prices  to  such  an  extent 
that  the  ratio  between  the  two  rates  is  about  2  to  1 ;  that  is  to  say, 
a  dollar's  worth  of  marks  will  buy  in  Germany  about  $2  worth  of 
such  goods  as  are  included  in  the  German  index  numbers  of  wholesale 
prices. 

In  order  to  present  the  data  given  in  these  tables  in  simpler  form, 
a  chart  is  shown  on  which  is  plotted  the  purchasing  power  parities 
and  the  rates  of  exchange  for  England,  France,  and  Germany.  For 
comparative  purposes  the  par  value  of  each  country's  monetary  unit 
is  assumed  to  be  100,  and  the  parities  and  exchange  rates  are  calcu- 
lated relative  to  this  base. 

So  much  for  the  statistical  facts.  More  important  for  present 
purposes  is  the  disturbance  to  international  trade  caused  by  the  dis- 
crepancies between  price  ratios  and  exchange  rates. 

In  the  first  place,  attention  is  called  to  the  effect  of  pegged  exchange 
in  the  early  part  of  1919  as  reflected  in  these  tables.  From  October, 
1915,  to  March,  1919,  sterling  exchange  was  fixed  arbitrarily  at  $4.76 
to  the  pound  as  a  minimum  for  England  and  $0.1830  for  France. 
This  fiat  was  made  effective  through  loans  in  this  country  contracted 
by  the  allied  Governments,  from  both  public  and  private  sources,  in 
order  to  keep  a  balance  in  bank  to  supply  all  demands  for  funds  at 
the  arbitrary  rate  of  exchange.  So  long  as  drafts  on  London  were 
available  at  the  fixed  rate,  there  was  no  occasion  for  an  American 
exporter  to  take  less  for  his  paper,  nor  for  an  importer  to  pay  more, 
no  matter  what  the  state  of  the  ''  balance  of  trade  "  or  the  conditions  of 
the  gold  market.  Although  the  rate  of  exchange  was  arbitrarily 
fixed  at  $4.76  to  the  pound,  the  purchasing  power  parity  in  the  early 
part  of  1919  was  considerably  under  this  figure — around  $4.25  usu- 
ally, a  difference  of  about  11  per  cent.  In  the  case  of  France  the 
exchange  rate  was  over  18  cents  to  the  franc,  but  the  parity  rate  was 
about  11  cents,  a  difference  of  about  40  per  cent.  This  discrepancy 
between  the  rates  had  an  important  influence  in  the  trade  between 
the  United  States  and  the  Allies  during  the  "war  and  for  some  months 
after  the  armistice.  So  long  as  exchanges  were  above  the  purchas- 
ing power  parities  exports  were  stimulated  from  this  country  to 
Europe  and  imports  from  there  were  depressed;  that  is  to  say,  if  a 
selected  list  of  goods,  such  as  wheat,  cotton,  and  wool,  shows  a 
price  index  10  or  12  per  cent  higher  in  England  than  in  the  United 
States,  and  sterling  exchange  is  only  2  per  cent  below  par,  sterling 
will  buy  more  of  such  commodities  in  the  United  States  than  in  Eng- 
land and  imports  into  England  will  be  stimulated  by  the  discrepancy. 

Stated  in  other  terms,  American  exporters  to  Jfcngland  had  con- 
siderable advantage  over  the  English  merchants  because  both  sold 
their  wares  at  the  same  price  in  English  money,  but  the  Englishman 
received  in  payment  a  depreciated  currency  (in  terms  of  commodities) 
whereas  the  American  seller  could  convert  his  paper  money  into 
American  dollars  almost  at  par.  Therefore  so  long  as  our  prices  did 
not  rise  as  rapidly  as  English  paper  prices  (and  they  did  not,  in  fact) 
there  was  a  tendency  to  stint  our  home  demand  and  sell  abroad  to 
England  and  France  so  long  as  the  exchanges  were  pegged. 

The  obverse  effect  on  imports  from  Europe  was  caused  by  the 
state  of  the  exchanges.     An  American  merchant  buying  in  France 


briPRECIATED    EXCHANGE    AND    INTEKNATIONAL   TRADE.  19 

or  England  must  pay  the  high  paper  prices,  but  in  making  his  remit- 
tance the  paper  francs  or  pounds  cost  him  almost  par  in  American 
<i()hl. 

In  short,  to  all  intents  and  purposes  American  dollars  were  heavily 
discounted  in  international  trade  and  sterling  and  franc  exchanges 
were  at  a  premium  in  actual  purchasing  power  in  this  country  until 
well  into  the  summer  of  1919.  The  unpegging  of  exchanges  in  March, 
1919,  however,  set  in  motion  the  slow  but  certain  economic  forces 
which  changed  the  artificial  situation  created  by  the  pegging  process, 
and  by  1920  the  pendulum  had  swung  to  the  other  side.  The  French 
franc  was  worth  usually  30  to  40  per  cent  more  in  terms  of  domestic 
goods  than  it  was  in  gold,  and  sterling  was  worth  5  to  10  per  cent 
more  in  English  commodities  than  in  gold.  This  state  of  affairs  had 
the  reverse  effect  on  trade  from  that  of  the  pegging  process.  Ameri- 
can buyers  must  still  pay  high  paper  prices  abroad,  but  they  could 
remit  at  a  rate  of  exchange  which  had  fallen  much  more  than  prices 
had  risen.  On  the  other  hand,  the  American  export  trade  was 
checked  because  foreign  buyers  could  not  meet  our  prices  with 
exchange  rates  against  them. 

During  1921,  however,  according  to  these  tables,  the  internal  and 
external  values  of  English  and  French  moneys  approached  an  equality 
and  there  was  no  special  bounty  on  either  imports  or  exports  caused 
by  the  low  exchange  rates.  In  short,  paper  prices  in  these  countries 
have  risen,  on  the  average,  relative  to  American  prices,  about  as 
much  as  their  exchanges  have  fallen. 

The  great  discrepancy  between  the  internal  value  of  the  German 
mark  and  its  gold  or  American  exchange  value — usually  a  difference 
of  about  100  per  cent — is  not  as  significant  in  its  effects  on  American 
import  trade  as  may  be  supposed  from  the  figures.  It  is  true  that 
the  mark  is  worth  about  twice  as  much  at  home  as  abroad,  but  the 
numerous  restrictions  to  trade  imposed  by  Germany,  on  the  one 
hand,  and  the  dearth  of  exportable  commodities  in  the  various  in- 
dustries, on  the  other,  nullifies  to  a  considerable  extent  the  advantage 
to  German  exporters  given  by  low  exchange  rates." 

In  the  appendix  will  be  found  tables  similar  to  the  foregoing  for 
Canada,  Australia,  Japan,  Sweden,  and  Italy.  Care  should  be  exer- 
cised in  drawing  conclusions  from  them,  however,  especially  with 
respect  to  Japan,  because  the  economic  organization  in  Japan  is  so 
different  from  that  of  the  United  States  as  to  render  comparisons 
based  on  price  indices  of  uncertain  value. 

INTERNATIONAL   PRICE   ADJUSTMENTS    OF    SPECIFIC    COMMODITIES. 

The  foregoing  discussion  of  the  exchange  has  been  in  terms  of 
general  commodity  prices  as  indicated  by  index  numbers.  Such 
a  point  of  view  is  important  for  a  general  survey  of  the  situa- 
tion, but  for  purposes  of  tariff  legislation  more  specific  data  are 
desired — data  bearing  directly  upon  international  prices  of  par- 
ticular commodities — because  duties  are  levied  on  specific  products 
and  not  on  things  in  general. 

International  price  comparisoTis  for  about  75  commodities  cover- 
ing the  years  1914,  1919,  1920,  and  the  first  nine  months  of  1921  are 
presented  in  this  study,  but  because  of  the  detailed  nature  of  the  infor- 

«  The  Tariff  Commission  is  preparing  a  report  on  the  artificial  restraints  of  trade  in  their  relation  to  tht 
exchange  problem  with  special  reference  to  conditions  in  Germany. 


20  DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 

mation  most  of  the  tables  appear  in  the  appendix  and  only  a  few 
are  shown  in  the  text  for  illustrative  purposes. 

The  products  presented  in  the  tables  were  chosen  by  commodity 
experts  and  they  are  as  nearly  identical  in  quality  as  can  be  selected 
from  trade  publications.  In  many  cases  the  matchings  are  not 
exact,  but  with  few  exceptions  they  are  sufficiently  so  for  price  pur- 
poses. In  a  few  instances  the  differences  in  quotations  are  caused 
by  differences  in  quality,  but  such  commodities  need  not  be  eliminated 
from  the  list  because  there  is  a  constant  difference  in  price  that 
may  be  allowed  for  in  the  comparison. 

The  fundamental  point  which  these  price  studies  are  meant  to 
bring  out  is  the  fact  that  there  are  among  nations  different  degrees 
of  price  adjustment  toward  a  gold  basis  for  different  commodities. 
Articles  having  a  free  international  market,  such  as  silver,  copper, 
wheat,  and  cotton,  have  about  the  same  gold  price  the  world  over, 
transportation  and  taxes  aside,  no  matter  whether  the  quotations 
are  in  dollars,  francs,  pounds,  or  marks. 

On  the  other  hand,  many  articles,  such  as  aluminum  goods,  pottery, 
and  chinaware,  or  specialized  chemicals  and  metallurgical  products, 
which  either  do  not  enter  largely  into  international  trade  or  whose 
prices  are  adjusted  slowly,  show  a  great  divergence  of  gold  prices  in 
the  several  markets  of  the  world. ^  This  divergence  is  found  to  a 
considerable  extent  in  normal  times,  but  much  of  the  present  dis- 
crepancy in  prices  is  due  to  the  fact  that  the  local  values  of  many 
products  have  not  yet  responded  to  the  pressure  of  international 
competition.^ 

A  second  point  which  should  be  borne  in  mind  in  considering  these 
tables  is  the  fact  that,  in  the  nature  of  the  case,  international  price 
comparisons  of  exactly  matched  commodities  will  show  much  closer 
price  adjustments  among  nations,  in  the  absence  of  artificial  control, 
than  the  general  run  of  products  which  make  up  the  bulk  of  the  world 
commerce  but  which  can  not  be  matched  with  certainty.  Most  of 
the  fabricated  articles — textiles,  machinery,  prepared  foods,  and 
countless  articles  of  fashion — permit  of  sufficient  comparisons 
among  countries  to  indicate  that  the  international  price  adjust- 
ments have  not  gone  as  far  in  these  lines  as  they  have  for  standard 
articles,  but  matchings  are  too  uncertain  for  statistical  tabulation. 

A  further  point  of  some  importance  is  the  effect  of  tariff  rates  on 
prices  of  American  products.  The  duties  are  given  in  footnotes  to 
the  tables  affected,  but,  except  in  a  few  obvious  cases,  the  relation 
of  them  to  prices  is  not  discussed  because  of  the  difficulty  in  de- 

'  The  price  maladjustments  among  nations,  on  which  special  emphasis  is  placed  in  this  report,  are  those 
due  to  depreciated  exchange  alone.  There  arc,  however,  price  differences  among  countries  even  in  normal 
times  which  must  be  considered,  or  at  least  must  be  recognizeS  m  any  exchange  investigation.  These 
normal  differences  are  noticeable  in  perhaps  a  majority  of  the  whole  list  of  goods  produced  in  a  given  country, 
and  in  the  case  of  some  commodities,  such  as  perishable  foodstuffs  and  specialized  articles  of  fashion,  there 
may  be  practically  no  relation  among  international  prices.  The  reasons  for  such  discrepancies  are  numer- 
ous, but  difhculties  and  expenses  of  transportation,  on  the  one  hand,  and  unfavorable  facilities  for  produc- 
tion, either  by  way  of  poor  natural  advantages  or  expensive  labor,  account  for  rrwst  of  them.  In  the  price 
tables  given  above  such  locahzed  or  nontraded  commodities  have  been  largely  elirhinated,  but  such  elimina- 
tion only  hides  the  fact  that  there  is  a  great  multitide  of  products  in  the  background  whose  prices  are  never 
internationally  adjusted  and  which,  therefore,  confuse  any  price  studies  based  on  the  assumption  of  equiva- 
lent values. 

*  This  lack  of  uniform  adjustment  of  prices  for  various  commodities  leads  to  much  of  the  conflicting 
testimony  as  to  the  effect  of  exchange  on  international  trade.  A  dealer  in  copper,  wheat,  or  cotton,  for 
example,  may  say  with  truth  that  the  exchange  situation  long  since  has  been  discounted  in  the  price  of 
his  products  and  that  only  the  daily  fluctuations  cause  him  trouble.  On  the  other  hand,  a  dealer  in  highly 
specialized  products,  such  as  artificial  flowers,  toys,  or  articles  of  fashion,  may  say  with  equal  truth  that  the 
depreciated  exchange  is  almost  a  decisive  factor  in  his  business.  The  reconciliation  of  the  conflicting 
testimony  is,  of  course,  to  be  found  in  the  different  degrees  of  adjustment  to  the  international  gold  prices 
of  the  various  commodities  under  consideration. 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL   TRADE. 


21 


termining  the  extent  to  which  they  do  or  do  not  increase  the  domestic 
prices  of  particuhir  commodities. 

With  these  three  points  in  mind — the  varying  degrees  of  adjust- 
ment to  a  gold  basis  for  the  different  commodities  shown,  the  greater 
maladjustment  of  specialized  but  peculiar  articles  which  can  not  be 
matched  for  price  purposes,  and  the  possible  effect  of  tariff  rates  on 
American  prices — attention  is  directed  to  the  tables  following. 

METAL    PRODUCTS. 

The  first  set  of  quotations  is  for  some  representative  products  in 
the  metal  industry — gold,  silver,  copper,  tin,  pig  iron,  structural 
shapes,  and  some  of  the  ferroalloys.  Numerous  other  price  com- 
parisons for  metal  products  are  shown  in  the  appendix. 

Comparative  prices. 

Table  3a. — Silver. 

[Troy  ounce.] 


New 
York.i 

London  .2 

Period. 

Exchange. 

Par. 

Current. 

1914. 
January 

$0. 5757 
.5751 
.5807 
.5852 
.5818 
.  5647 

1. 0100 
1.  0100 
1.0100 
1.0100 
1.0100 
1. 0900 
1. 0700 
1.  0800 
1. 1300 
1. 1900 
1.2100 
1.  2900 

1.3000 
1.  3400 
1.3100 
1.  2600 
1. 1000 
.9950 
.  9050 
.9138 
.9150 
.9150 
.8000 
.6968 

.  6663 
.6313 
..5575 
.5612 
.  6138 
.5775 
.  .5950 
.6175 
.6225 

SO.  5831 
.5803 
.5912 
.5899 
.5967 
.5516 

1. 0600 
1.  0600 
1. 0400 
1. 0800 
1.  0600 
1.  IGOO 
1.1600 
1.  2200 
1. 3300 
1. 3900 
1. 4300 
1.  6000 

1.6500 
1.  8500 
1.  8400 
1.5800 
1.  39C0 
1.  2500 
1.1100 
1.  2300 
1.  2500 
1.  2901) 
1.  1400 
.9714 

.9413 
.8264 
.7115 
.7115 
.8499 
.7340 
.  7805 
.8517 
.8517 

February 

March 

April 

May 

June 

1919. 
January 

$1.  0400 

February 

1.0400 

March 

1.0000 

April 

1.  0400 

May 

1.0100 

June 

1. 1000 

July 

1.0900 

August 

1.  0900 

September 

1.  1400 

October 

1.  2000 

November 

1.  2200 

Decemlter 

1.3100 

1920. 
January 

1.  3000 

February ; 

1.3100 

March 

1.2900 

April 

1.  2700 

May 

1.0900 

Juno .       .   . 

1.  0200 

July 

.9098 

August 

.9471 

September 

.9231 

October 

.9212 

November 

.  SI  43 

Decemtor 

.  6971 

1921. 
January 

.  68,39 

February 

.6491 

March . . 

.5692 

April 

.5743 

May 

.  6237 

June  ... 

.5898 

July 

.  5720 

August 

.6534 

September 

.6556 

*  Grade:  Bar,  999  fine.    Source:  The  Engineering  &  Mining  Journal. 

'  Grade:  Sterling,  fine  925,  converted  to  999  basis.    Source:  The  Engineering  &  Mining  Journal. 


22 


DKPItKCIATED    EXCHANGE    AND    INTERNATIONAL   TRADE. 


Comparative  prices — Continued. 

Tabi.e  3b. — Electrolytic  copper. 
[Pound.] 


New  York. 

England  .2 

Germany.' 

I'priod. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 

January 

February 

March 

1 

$0. 1487 
.1475 
.1437 
.1437 
.1420 
.1400 

.2300 
.1875 
.1.500 
.1.537 
.1525 
.  16.50 
.1900 
.2275 
.2275 
.2162 
.2125 
.  1825 

.1925 
.1925 
.  1875 
.1900 
.1925 
.1900 
.1900 
.1900 
.1900 
.  18.50 
.  1500 
.  13.50 

.1275 
.  1275 
.1250 
.1250 
.1237 
.  1325 
.1263 
.1175 
.1162 

$0.  1524 
.  1551 
.1443 
.1465 
.  1432 
.1410 

.2279 
.2279 

April 

May 

June     

1919. 
Januarv 

$0. 2228 
.2228 

February 

.March .   .             ...          ... 

April 

.1769 

.1704 

May 

June 

July 

August 

.2484 
.  2498 
.  2541 

.2227 
.2152 
.  2190 

September 

October 

November 

December 

1920. 
January 

.2702 
.2713 
.2756 
.  2528 
.  2430 
.2300 
.  21.51 
.2466 
.2477 
.  2455 
.2129 
.1858 

.1770 
.1667 
.  1.597 
.1584 
.1584 
.  1662 
.1662 
.1640 
.1575 

.2110 
.1935 
.1940 
.2045 
.1916 
.1855 
.1747 
.1885 
.1812 
.1751 
.1508 
.1333 

.1286 
.1309 
.1277 
.1279 
.1294 
.1335 
.1218 
.1258 
.1212 

February 

March 

April 

May 

June 

July 

August 

October 

November 

December 

1921. 

$1.61 
1.36 
1.61 
1.69 
1.68 
1.67 
1.93 
1.98 

$0  0927 

February 

0905 

March 

1115 

April 

1149 

-May 

1095 

June 

1110 

July 

August 

1116 



1 

1  Source:  The  Iron  Age. 

2  Source:  The  Iron  and  Coal  Trades  Review. 
'  Source:  The  Chcmiker  Zeitung. 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL    TRADE. 

Comparative  vrices — Continued. 


23 


Table  3g. — Tin. 
fPouu;!.) 


Period. 

New  York.i 

80.3'>flO 
.  4087 
..3790 
.  3790 
.  .3310 
.  3045 

.  7150 
.7200 
.  7250 
.72-0 
.  7250 
.  7250 
.  7050 
.7000 
.  5000 
.  5475 
.5P0O 
.  5400 

.  5925 
.  5900 
.  0325 
.  (375 
.  0025 
.5150 
.48-0 
.  4850 
.  4575 
.  4350 
.  3950 
..3350 

.  3f500 
.  330') 
.  3000 
.  2850 
.  3187 
.31.50 
.  29S8 
.  2350 
.2375 

Eng'and.' 

Germany.' 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

1 

Current. 

1914. 
January 

<        $0.3073 
.  4033 
.  377t; 
.  .3718 
.3402 
.  3042 

.  5382 

February 

March 

April 

■ 

May 

June 

1919. 
January 

SO.  5262 

February 

March 

.\liril 

May 

June 

.luly 

August 

.5968 

.  5350 

September 

October 

Noyember 

DecemJ  er 

January 

1920. 

.  8224 

.  8528 
.  8615 
.  7562 
.  7535 

.•:4'i7 

.  5'il6 
.  6.322 
.  6029 
.  5893 
.  5714 
.4541 

.  4725 
.  3943 
..3539 
..3884 
.3819 
.3801 
.  3;i88 
.3432 
.3357 

.  6422 
.  6081 
.60^4 
.  6120 
.  .5941 
.  5217 
.45112 
.  4832 
.4411 
.  421 12 
.  4:)49 
.3259 

.  3432 
.  3097 
.2911 
.  3135 
.3120 
.  3054 
.  2703 
.  2' 5.33 
.2584 

February 

March 

Anril 

May 

June 

Tulv 

August .   . 

September 

October 

Noyember 

December 

1921. 
January 

February 

$4.58 
4. 96 
4. 61 
5.10 
4.75 
5.12 
5.15  1 

$0.  3045 

March 

.  34''0 

April 

.3100 

May .       .   .       .                     1 

3315 

June 

.3158 

July 

.  2f)52 

August .          -   - 

2905 

September 

i 

1 

'  Source:  The  Iron  Age. 

2  (Jrade:  Straits.    Source:  The  Iron  and  Coal  Trades  Review. 

3  Grade:  Straits.    Source:  The  Chemiker  Zeitung. 


24 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 

Comparative  prices — Continued. 

Table  3d. — Pig  iron. 

[Gross  ton.) 


Cincin- 
nati.' 

Great  Britain .2 

Germany.' 

France.'' 

Belg 

um.s 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 

$14.00 
13.  75 
14.00 
13.75 
13.75 
13.75 

34.60 
.34.60 
34.60 
30. 35 
30.35 
28.50 
28.35 
28.  35 
31.10 
31.35 
32.60 
.37.60 

39.60 
43.60 
43.60 
43.60 
45.60 
45.60 
45.60 
45. 60 
46.  .50 
40.50 
42.50 
42.50 

39.50 
34.50 
31.00 
29.50 
27.50 
26.50 
25.  50 
23.  .50 
23.50 
23.50 

$12.29 
12.62 
12.41 
12.53 
12.55 
12.55 

24.09 
24.09 
23.12 
23.12 
34.67 
38.93 
38.93 
38.93 
39.90 
38.93 
38.93 
38.93 

42.58 
42.58 
42.58 
48.66 
48.66 
52.92 
.52. 92 
52.92 
54.75 
54.75 
54.75 
54. 75 

54.74 
47.44 
36.50 
29.20 
29.20 
29.20 
29.20 
34.07 
32.85 
29.20 

$17.03 

February. . 
March 

April 

Mav 

17.03 

60.18 
60.18 
60.18 
81. 93 
94.26 
97.76 
105.86 
124.83 
124.83 
157. 46 
157.46 
220.79 

319. 76 
392.  76 
402.43 
429. 01 
432.50 
420.45 
420.45 
401.11 
401.11 
401.11 
401. 11 
401.  ll 

1919. 

$23.55 
23.  .55 
22.19 
22.27 
33.95 
37.11 
36.73 
34.90 
34.38 
33. 54 
3.3.34 
32.02 

33.25 
30.36 
29.97 
39.37 
38.37 
42.70 
43.01 
40.45 
40.05 
39.04 
38.78 
39.29 

39.77 
37.27 
29.20 
23. 57 
23.85 
23.48 
21.40 
26.14 
25.29 
22.37 

826.19 
30.52 
24.48 
31.50 
29.78 
28.40 
33.67 
31.48 
22.82 
28.94 
21.49 
21.79 

April 

May 

1 

July 

August 

September. 



November. 

1920. 
January... 
February. . 

March 

April 

May 

June 

July 

August 

September. 
October.. . 
November. 
December . 

1921. 
January . . . 

27.54 
24.75 
17.06 
25.57 
31.62 
46.29 
46.29 
38.75 
34.36 
26.95 
21.90 
24.50 

$83.32 
102. 93 
102. 93 
115.67 
117.63 
117.63 
117.63 
117.63 
88.22 
88.22 

87.64 
87.64 
68.62 
68.03 
49.99 
46.07 
47.05 
38.  23 
38.23 
35.30 

$30.39 
36.59 
31.94 
46.  .56 
50.17 
46.51 
42.18 
40.48 
28.  89 
27.74 

27.02 
31.83 
25.67 
24.53 
20.21 
20.22 
18.61 
16.30 
15.59 
12.97 

$122.53 
122.53 
166.65 
171.  55 
176. 45 
147.04 
122. 53 
112. 73 
100.48 
98.03 

98.03 
81.36 
72.54 
58.81 
.56. 85 
61.27 
46.07 
39.21 
42.15 
40.20 

$46.57 
46.17 
55. 36 
72.  .58 
79.19 
61.95 
46.99 
41.25 
34.83 
32.62 

31.59 

February. . 

31.20 

March 

2».27 

April 

22.18 

May 

June 

400.98 

26.07 

22.92 
26.89 

July 

17.59 

August 

16.19 

September. 

16.69 

October... 

393.00 

13.10 

14.58 

1  Grade:  No.  2,  southern.    Source:  The  Iron  Age. 

2  Grade:  No.  3  foundry,  G.  M.  B.    Source:  The  Iron  and  Coal  Trades  Review. 
'  Grade:  No.  3  foundry.    Source:  The  Iron  Trade  Review. 

*  Grade:  Foundry,  Longwy,  3  per  cent  si.,  sand-cast.    Source:  The  Iron  Trade  Review. 
'Grade:  Foundry,  3  per  cent  si.    Source:  The  Iron  Trade  Review. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE, 


25 


Comparative  prices — Continued. 

Table  3e. — Structural  shapes. 

[Pound.] 


Pitts- 
burgh.!, 2 

Great  Britain.* 

Germany.' 

France  .5 

Belgium.' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 
January . . . 
February. . 
March 

$0. 0122 
.0122 
.0122 
.0113 
.0115 
.0113 

.0280 
.0280 
.0280 
.0245 
.0245 
.0245 
.0245 
.  0245 

April 

May 

1919. 
January . . . 
February. . 
March 

$0. 0345 
.  0453 

$0. 0150 
.0229 
.  0184 
.0174 
.0177 
.0163 
.0178 

:;:;::::;::::::;::: 

.0453 
.0453 
.0561 
.0561 
.0561 
.0771 
.0771 
.1041 
.1041 
.  1888 

April 

May 

July 

August 

September 

.0194 
.0141 



.  0245 
.  0245 
.0245 

.0191 
.0142 
.0186 

.  0159 
.0181 
.0123 
.  0178 
.0285 
.0369 
.0369 
.0286 
.  0253 
.0199 
.0138 
.0154 

November. 

December . 

.0245 

.  0245 
.  0245 
.0245 
.  0245 
.  0245 
.  0245 
.  0322 
.  0285 
.  02S5 
.0277 
.0277 
.  0245 

.0245 
0245 
.0222 
.0200 
.0200 
.0220 
.0200 
.0185 
.0178 
.0163 

$0.  03.80 

.03'J6 
.  0423 
.0445 

$0. 0313 

1920. 
January . . . 
February. . 

.  0309  ,        .1850 
.0301  i        .2867 
.0313  1         .2897 

March 

April 

May 

June 

July 

August 

September 
October .  . . 
November. 
December . 

1921. 
January... 
February. . 
March 

.0488  1        .0394  !        .2991 
.0532           .0419  j        .3906 

.0521  1        .0420 
.0500  :        .0406 
.0.521  1        .0398 
.0543  i        .0.397 
.0.543  ;        .0387 
.0521  1        .0369 
.0478  !        .0343 

.0478  i        .0347 
.0478  i        .0376 
.  0413           .  0330 
.038f)  i        .0306 
.  0380           -  03  !0 

.  3350 
.3350 
.2956 
.2956 
.2956 
.2525 
.  2525 

$0. 1272 
.1272 
.1579 
.1228 
.1228 
.1031 
.1031 

.0899 
.  0899 
.0790 
.0656 
.0678 
.0656 
.0416 
.0368 
.0433 
.0416 

$0. 0512 
.0542 
.0624 
.0440 
.0422 
.0338 
.0324 

.0277 
.0326 
.0295 
.0236 
.0274 
.0288 
.0165 
.0157 
.0177 
.0153 

SO.  1360 
.1360 
.1119 
.0943 
.0899 
.0822 
.0702 

.0680 
.0614 
.0548 
.  0415 
.0411 
.0415 
.  0368 
.0341 
.  0324 
.0359 

$0. 0575 
.0610 
.0501 
.0362 
.  0329 
.0285 
.0234 

.0219 

.0235 

.0214 

April 

.0156 

May 

June 

.0165 

.  0380 
.0315 
.0315 
.  0293 
.0250 

.  0305 
.0231 
.0242 
.0226 
.0192 

.0182 

July 

.0140 

August 

September 

.1942 

.0110 

.0141 
.0128 

October. . . 

.2697 

.0090 

.0130 

1  Dutiable  at  10  per  cent  ad  valorem. 

2  Grade:  Structural  material,  I-beams,  3  to  15  inches.    Source:  The  Iron  Age. 
»  Grade:  Structural  shapes,  beams.    Source:  The  Iron  Trade  Review. 

*  Grade:  Finished  steel,  beams.    Source:  The  Iron  Trade  Review. 

'  Grade:  Finislied  steel,  normal  beams  and  profiles.    Source:  The  Iron  Trade  Review. 

•  Grade:  Normal  beams  and  profiles.    Source:  The  Iron  Trade  Review. 


20 


DEPKEt'IATED   EXCHANGE    AND    INTERNATIONAL    TRADE 


Comparative  prices — Continued. 
Table  3f. — Ferromanganese. 


|(iross  ton. 


January... 
February. 
March . .". . 

April 

May 

June 


January. . . 
February. . 

March 

April 

May 

June 

July 

August 

September. 
October. . . 
November. 
December. . 


Period. 


Atlantic 
ports. 1 


$47.00 
36.50 
38.00 
38.00 
39.00 
38.00 


Great  Britain  2  (for 
export). 


Exchange. 


Par. 


Current. 


GreatBritain*  (for  local 
consumption). 


Exchange. 


Par. 


$46.  85 
41.97 
41.97 
41.97 
41.97 
41.97 


Current. 


Jainiary... 
February. . 

March 

April 

May 

June 

July 

Augu.st 

September. 
October. . . 
November. 
December. . 


January 

February.. 

March 

April 

May 

June 

July 

August 

September. 


1921. 


150.00 
150.00 
125.00 
125.  00 
110.00 


110.00 
120.00 


130.  00 


225. 00 
237.  50 
212.  50 
170.00 
170.00 
155. 00 
125. 00 


100.00 
90. 00 
90.00 
90.00 
90.00 
81.25 
70.00 
70.00 
70.00 


$121. 66 
121. 66 
121. 66 
111.94 
111.94 
111.94 
121.66 


131.40 
158. 18 
170.  32 
170.  32 
218.  99 
218. 99 
218. 99 
218. 99 
218.99 
218. 99 
218. 99 
184. 93 


160. 59 
136. 26 
109. 50 
97.33 
92.46 
87.60 
73.00 
70.56 
70.56 


$116.00 
114.00 
109.05 
96.44 
96.44 
95.86 
100.00 


102. 62 
112.  80 
119.90 
137.  80 
172.  70 

176.  70 

177.  89 
167.  37 
160. 20 
156. 16 
155. 15 
132. 73 


116. 65 
107. 04 
87.58 
78.57 
75.54 
70.38 
53.51 
54.14 
54.32 


121. 66 
121. 66 
121. 66 
121. 66 
121. 66 
111.94 
121. 66 


131.40 
146.00 
158. 16 
180.06 
180.06 
180.06 
180.06 
180.06 
180.06 
180.06 
180.06 
170. 33 


155.  73 
136. 26 
121. 66 
97.34 
107.06 
87.60 
87.60 
87.60 
87.60 


$116. 00 
114.  80 
109.  0& 
104.8a 
104.80 
95.86 
100.00 


102. 60 
104. 10 
111.  30 
145. 70 
142.00 
145. 20 
146.28 
137. 63 
131. 73 
128.40 
127.55 
122.24 


113. 12 
107. 02 
97.30 
78.58 
87.46 
70.38 
64.21 
67.21 
67.44 


1  Grade:  76-80  per  cent.    Source:  The  Iron  Age. 

2  Grade:  76-78  per  cent  export.    Source:  The  Iron  and  Coal  Trades  Review. 

3  Grade:  76-78  per  cent  loose.    Source:  The  Iron  and  Coal  Trades  Review. 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL    TRADE 

Comparative  prices — Continued . 

Table  3g. — FerronUni/s. 

rPound.l 


27 


Ferrochrome. 

Ferrotungsten. 

Ferrosilicon.' 

I'criod. 

New 
York.i.  2 

Great  Britain  .s 

New 
York.i,  < 

Great  Britain  .5 

New 
York.i.  6 

Great  Britain." 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1920.       1 
January . .  i 

SO.  1629 
.1629 
.1539 
.1539 
.1539 
.1592 
.1592 
.1592 
.  1.592 
.1592 
.1592 
.1484 

.1458 
.1340 
.  1340 
.  1340 
.1303 
.1303 
.  1303 
.1267 
.11.59 

$0. 1272 
.1162 
.  1083 
.1245 
.1213 
.1284 
.  1293 
.1217 
.1145 
.  1135 
.1128 
.1065 

.1059 
.1052 
.1072 
.1080 
.1064 
.1047 
.0955 
.0972 
.0892 

$0. 6893 
.6792 
.  7.502 
.7502 
.7905 
.7905 
.  7905 
.  7905 
.7905 
.  7905 
.6689 
.6689 

.  5878 
.4865 
.  4662 
.4471 
.4471 
.4471 
.4053 
.3851 
.3599 

$0. 53&3 
.4843 
.5280 
.6070 
.6233 
.6378 
.6422 
.6042 
.5783 
.5637 
.4739 
.4800 

.4270 
.3821 
.3729 
.3610 
.  3652 
.3592 
.2971 
.2954 
.2771 

February.. 

$80.00 

March 

April 

May.... 

$0.2050 

$i.6o66 

1.0000 
1.0000 
1.  0000 
1. 1200 
1. 1200 
.9700 
.8500 
.7000 

..5700 
.5700 
.5700 
.  5600 
.5200 
.  52.50 
.  52.50 
.  .5250 
.4250 

87.50 
87.  .50 
79.00 
&5.00 
82.50 
82.50 
83.75 
83.75 
82.50 

79.00 
79.00 
82.  .50 
87. 50 
82.50 
82.50 
70.00 
65.00 
65.00 

$121. 66 
121.66 
121.66 
114.36 
107.06 
107.06 
107. 06 
107. 06 

97.33 
92. 46 
87.60 

$95. 94 

June 

July 

August.... 
September. 
October . . . 
November. 
December . 

1921. 
January . . . 
February.. 

March 

April 

May 

June 

July 

August 

September. 

.1850 
.1950 
.1750 
.1750 
.  1875 
.1875 
.  1750 

.  1650 
.1650 
.1650 
.1500 
.1500 
.1500 
.1400 
.1400 
.1200 

98. 16 
98. 8J 
87.41 
78.32 
76. 34 
75.85 
76.84 

70.70 
72.63 
70.06 

77.86 
75.43 
70.56 
64.69 

62.56 
55.28 
54.14 
49.79 

1  Dutiable  at  15  per  cent  ad  valorem. 

2  Grade:  Carbon,  6  to  8.    Source:  The  Engineering  and  Mining  Journal. 

3  Grade:  6  to  8  carbon,  60  per  cent  basis.    Source:  The  Iron  and  Coal  Trades  Review. 
■•Grade:  i<  erro  tungsten,  70  to  80  per  cent  W.    Source:  The  Engineering  and  Mining  JoiU'nal. 

5  Grade:  Ferrotimgsten,  (iO  to  85  per  cent.    Source:  The  Iron  and  Coal  Trades  Review. 

6  Grade:  Ferrosilicon,  50  per  cent.    Source:  The  Engineering  and  Mining  Journal. 
'  Gross  ton. 

8  Grade:  Ferrosihcon  45/50,  basis  45  per  cent.    Source:  The  Iron  and  Coal  Trades  Review. 


28  DKritiX'IATED    EXCHANGE    AND    INTERNATIONAL    TRADE. 

Comparative  prices — Continued. 

Table  -Mi.— Gold. 
[Troy  ounce.) 


New  York.' 

London.* 

Period. 

Exchange. 

Par. 

Current. 

1920. 
Jan.  If)       .                        

$20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20. 67 
20.67 
20.67 
20.67 
20.67 
20.67 

20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.67 
20.87 
20.67 

$26. 96 
25.96 
26.07 
25.21 
26.28 
25. 11 
25.91 
27.48 
28.  .59 
28.71 
28.71 
29.08 
29.08 
28.79 
28.47 
28.89 
28.26 

26.68 
26.68 
26.07 
25.56 
25.67 
25.36 
25.04 
24.86 
27.58 
27.25 
26.78 

$20.  44 

Fob   l.{                                                              

20. 65 

Mar.  12.                                

19.82 

Apr.  16.            

20. 53 

May  14 . .                                      

20.61 

June  18 

20.54 

July  16 

20.75 

Aue.  13                                                                     

20.61 

Sept.  17        .                              

20.68 

Oct.  15 

20.46 

Oct.  16 

20.48 

Oct.  22 

20.61 

Oct.  23 

20.54 

Nov.  19...            

20.40 

Nov.  30 

20.40 

Dec.l4...                  .          

20.50 

Dec.  17 

20.56 

1921. 
Jan.  1 ..              

20.48 

Jan.  15 

20.50 

Feb.  1 

20.44 

Feb.  15 

20.58 

Mar.  15.                                              

20.58 

Apr.  25.                  

20.60 

May  12 

20.56 

19.35 

July  15 : 

20.57 

20. 52 

Sept.  9 

20.49 

1  Mint  price  in  the  United  States  for  gold  0.90  fine. 

2  Open-market  quotation  in  London  for  gold  0.916  fine. 

The  prices  of  silver,  copper,  and  tin,  are  found  to  be  approximately 
equal  in  the  large  markets  of  the  world  when  current  rates  of  exchange 
are  applied  to  the  ciuotations.  Indeed,  in  articles  of  such  universal 
distribution  as  these  any  continued  maladjustment  in  gold  prices 
can  come  about  only  because  of  serious  restraints  of  trade. 

The  international  prices  of  pig  iron,  however,  were  not  adjusted 
during  much  of  the  period  covered  by  the  quotations.  The  English 
and  American  prices  follow  each  other  with  some  regularity,  but  the 
quotations  from  Germany,  France,  and  Belgium  show  little  similarity 
either  among  countries  or  from  month  to  month  in  the  same  country. 
Prices  in  Germany  converted  at  current  exchange  ruled  lower  than 
any  of  the  other  countries  represented.  Twenty  to  thirty  dollars  per 
ton  was  a  fair  price  there  in  1920,  as  compared  with  $40  to  $60  in  other 
markets.  In  October,  1921,  the  quotations  in  Germany,  France,  and 
Belgium  were  $13  to  $14.50  per  ton,  as  compared  with  $23  in  the 
United  States  and  England. 

Structural  shapes  are  not  well  adjusted  to  a  gold  basis.  The  Octo- 
ber prices  for  the  various  countries  ranged  between  1.9  cents  per 
pound  for  England  down  to  0.9  cents  for  Germany. 

Other  interesting  price  comparisons  are  those  of  the  ferroalloys 
(^alloys  used  in  the  manufacture  of  steel) .     In  the  case  of  f erroman- 


DEPKECIATED  EXCHANGE  AND  INTERNATIONAL  TEADE.  29 

ganese  there  are  two  prices  quoted  in  Great  Britain — the  domestic 
price,  which  at  current  exchange  is  not  far  from  the  American  market 
price  of  the  same  product;  and  the  export  price,  which  is  about  25  per 
cent  lower  than  the  domestic  price.  The  other  ferroalloys  shown — 
ferrochrome,  ferrotungsten,  and  ferrosilicon — show  practically  no  ad- 
justment to  a  gold  basis  according  to  the  table.  The  prices  in  Great 
Britain  at  current  exchange  are  usually  at  least  50  per  cent  lower 
than  for  the  same  products  in  the  United  States. 

The  price  of  gold  in  the  open  market  in  London  is  compared  with 
the  mint  price  in  the  United  States.  In  practice  it  may  not  be  true 
that  our  mint  price  of  gold  is  exactly  equivalent  to  a  quotation  in  a 
free  market,  but  it  probably  is  sufficiently  so  for  comparative  pur- 
poses. From  the  table  it  is  seen  that  the  two  series  of  prices  are  about 
the  same  at  current  rates  of  exchange.  The  English  quotations  run 
10  to  15  cents  per  ounce  under  our  mint  price  of  $20.67,  but  it  is  not 
certain  whether  the  discrepancy  is  a  matter  of  transportation  and 
insurance  expense  to  the  United  States  or  whether  the  rates  of  ex- 
change applied  to  the  sterling  quotations  were  sufficiently  accurate  to 
reflect  the  nice  adjustment  of  prices  in  the  two  countries. 

It  may  be  questioned  whether  a  commodity  so  intimately  connected 
with  the  medium  of  exchange  in  which  prices  are  quoted  as  gold  is 
should  be  included  in  international  price  comparisons.  As  a  matter 
of  fact  in  most  European  countries  gold  is  merely  a  commodity  of 
commerce  and  is  bought  and  sold  in  London  as  wheat  or  wool  is  mar- 
keted. This  statement  does  not  cover  all  the  facts  in  the  case,  but 
for  price  purposes  we  may  regard  gold  as  a  commodity  of  commerce. 
The  idea  has  been  advanced  that  gold  yet  exercises  a  peculiar  force  in 
exchanges  because  it  is  still  used  in  liquidating  bank  balances.  An 
American  buyer  of  London  exchanges,  for  example,  must  be  able  to 
purchase  the  exchange  at  the  gold  value  (not  par)  of  sterling  because 
otherwise  he  will  buy  gold  itself  in  the  London  market.  This  is  true 
arithmetically,  but  the  reason  back  of  it  is  the  fact  that  the  United 
States  is  on  a  gold  basis  and  therefore  23.22  grains  of  gold  is  equiva- 
lent to  an  American  dollar  in  any  free  market  of  the  world  and  the 
price  of  gold  in  foreign  moneys  will  follow  the  dollar  exchange  quota- 
tions practically  as  a  matter  of  identity. 

In  general,  it  may  be  said  with  some  degree  of  certainty,  that  the 
depreciated  exchanges  of  Europe  are  now  fairly  well  discounted  for 
the  metallurgical  products  represented  both  in  the  text  and  in  the 
appendix,  and  therefore  that  there  is  no  great  incentive  either  to  im- 
port or  export  because  of  the  exchange  situation.  It  must  be  em- 
phasized, however,  that  this  statement  is  limited  to  the  premises  on 
which  it  is  drawn  and  that  special  commodities,  whether  represented 
in  these  tables  or  not,  may  show  great  price  discrepancies  among 
nations  because  of  the  depreciated  exchange  alone. 

CHEMICAL   PRODUCTS. 

The  next  group  of  tables  to  which  attention  is  directed  is  for  repre- 
sentative commodities  in  the  chemical  industry.     The  prices  of  only 
a  few  commodities  are  given  in  the  text,  but  a  considerable  number 
are  to  be  found  in  the  appendix. 
599—22 3 


30 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


Comparative  prices. 
Table  4a. — White  lead. 
[Pound.] 


New 
York.i.s 

England. 3 

Paris,  France.* 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 

SO.  0550 
.0550 
.0550 
.0550 
.0550 
.0550 

.1000 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 

.0900 
.1000 
.1050 
.1050 
.1050 
.1050 
.1050 
.1050 
.1050 
.1050 
.1050 
.0900 

.0900 
.0800 
.0800 
.0750 
.0750 
.0750 
.0750 
.0650 
.0688 

SO.  0597 
.0597 
.0586 
.0586 
.0586 
.0586 

.1280 
.1302 
.1194 
.1194 
.1128 
.1128 
.1107 
.1107 
.1085 
.1085 
.1085 
.1139 

.1325 
.1510 
.1597 
.1597 
.1597 
.1499 
.1434 
.1412 
.1380 
.1380 
.1380 
.1380 

.1380 
.  1108 
.0988 
.0869 
.0933 
.0956 
.0956 
.0956 
.0972 

A.pnl                                            

May                    

1919. 

$0. 1251 
.1273 
.1146 
.1150 
.1105 
.1075 
.1045 
.0992 
.0935 
.0935 
.0929 
.0937 

.1035 
.1077 
.1124 
.1292 
.1259 
.1209 
.1165 
.1079 
.1009 
.0984 
.0978 
.0990 

.1002 
.0870 
.0790 
.0701 
.0762 
.0768 
.0701 
.0733 
.0748 

$0. 2188 
.2845 
.2845 
.2845 
.2845 
.2845 
2845 
.2188 
.2188 
.2188 
.2188 
.2451 

.2451 
.  2451 
.3501 
.3501 
.3501 
.3939 
.3064 
.3064 
.2976 
.3239 
.3239 
.3064 

.3064 
.2451 
.1838 
.1750 
.1926 
.1663 
.1401 
.1401 
.1401 

SO.  2077 

.2699 

March  

.2566 

.2315 

May 

.2434 

.2359 

July 

.2279 

.1560 

.1392 

.1327 

.1287 

.1292 

1920. 

.1185 

.0933 

March 

.1277 

.1244 

May 

.1087 

.1586 

July 

.1306 

.1211 

.1067 

.1114 

.1061 

.0963 

January 

.0945 

February 

.0890 

March 

.0688 

.0631 

May 

.0778 

.0730 

July 

.0564 

.0597 

September 

.0571 

'  Dutiable  at  25  per  cent  ad  valorem. 

*  Grade:  Am.  dry  casks.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

•  Grade:  White  lead  or  lead  carbonate.    Source:  The  Chemical  Trade  Journal,  London. 
«  Grade:  Ceruse  in  poudre.    Source:  La  Revue  des  Produits  Chemiques. 


DEPRECIATED   EXCHANGE    AND    INTERNATIONAL    TRADE. 


31 


Comparative  prices — Continued. 

Table  4b. — Citric  acid. 
[Pound.] 


New 

York.' '2 

England.3 

Paris, 

France.' 

Milan, 

Italy.6 

Hamburg,  Ger 
many.' 

Period. 

E.xchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 
January 

?0. 5100 
.5100 
.5100 
.5100 
.5100 
.5300 

1.2500 
1.2500 
1.2500 
1.2500 
1.1200 
.  9800 
.9800 
.  9800 
.9800 
.  9300 
.  9300 
.9000 

.8400 
.8400 
.8400 
.8400 
.8400 
.8400 
.8400 
.8400 
.      .8400 
.  7500 
.6500 
.  5500 

.5500 
.4700 
.4700 
.4700 
.  47(!0 
.4700 
.4700 
.4700 
.4700 

$0. 4745 
.4745 
.4745 
..5475 
.5676 
.5878 

1.1300 
1.  lOOO 
1.1100 
1.0600 
1.0500 
1.0600 
1. 0500 
1.0500 
1.0400 
1.0400 
1.0300 
1.0300 

1.0300 
1.0900 
1. 3300 
1.6400 
1. 7000 
1.5200 
1.3700 
1.1900 
1.0900 
1.0900 
.7907 

$0.5296 
.5296 
.5120 
.5034 
.5120 
.5296 

$0. 4586 
.4478 
.4425 
.4721 
.4829 
.5450 

February. . 

March 

April 

May 

June 

1919. 
January . . . 

$1.1000 
1.0700 
1.0600 
1. 0200 
1.0300 
1.0100 
.9900 
.9400 
.9000 
.90:)0 
.8800 
.8500 

.8074 

.7806 

.9418 

1.3200 

1. 3400 

1.2200 

1. 1200 

.9144 

.8009 

.7807 

.5602 

$1.22 
1.22 
1.14 
1.14 
1.18 
1.18 
1.18 
1.18 
1.18 
1.75 
1.75 
1.75 

1.75 
1.92 
3.06 
3.06 
3.67 
3.85 
2.88 
2.18 
2.18 
2.18 
2.18 
1.66 

1.53 
1.53 
1.31 
1.31 
1.31 
1.40 
1.40 
1.23 
1.23 

$1.1500 

1.1600 

1.0300 

1.0000 

1. 0100 

.9800 

.9400 

.8100 

.7500 

1.0  00 

1. 0300 

.9200 

.8465 

.7336 

1.1100 

1.0800 

1. 1400 

1. 5500 

1.2300 

.8650 

.7845 

.7528 

.7165 

.5232 

.4723 
.5564 
.4913 
.4724 
.5295 
.6147 
.5539 
.5226 
.5000 

February. . 

March 

April 

May 

June 

July 

August 

1.4000 
1.5300 

$0. 8440 
.8210 

September 

October..  . 

November. 

December. 

1.6600 

1. 8800 
1. 8800 
3.0600 
3. 5000 
6. 3000 
5. 4200 
4.2000 
4. 7200 
3.8500 
3.6700 
3. 1500 
2.9700 

2.2700 
2.2700 
2.2700 
2. 2700 
2. 1800 
1.9200 
1.9200 

.6990 

.7389 

.6096 

.8702 

.8853 

1.4500 

1.7700 

1.2900 

1.6900 

.9324 

.7964 

.5994 

.5677 

.4077 
.4318 
.4318 
.5050 
.5467 
.5288 
.4251 

1920. 
January. . . 
February. . 
March 

12.4100 
17.0000 

$1.07(0 
1.07C0 

April 

May 

June 

July 

August 

September 
October.. . 
November. 
December 

19.9600 
15. 1000 
13. 4900 
9. 7000 
10. 0000 
9. 1700 
9. 1000 
9.  4400 
9. 4400 

9. 7000 

1. 1900 

1. 1000 

1.4800 

1.07(0 

.97(^0 

.78C» 

.6500 

.5100 

.5800 

1921. 
January 

.5558 

February. . 

1.3400 
1.3400 
.  5500 
.5200 
.6100 
.6100 
.5900 
.5900 

1.0500 
1.0700 
.4400 
.4200 
.4900 
.4500 
.4500 
.4500 

March 

7.2300 

.4983 

May 

June 

July 

6. 4700 
7.  8200 
7. 3400 
7. 5500 

.4205 
.5200 
.3802 
.4258 

September 

1  Dutiable  at  5  cents  per  pound. 

'Grade:  Crystals,  dom.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

'  Grade:  (Crystals.    Source:  The  lyondon  Pharmaceutical  Journal  and  Pharmacist. 

*  Source:  La  Revue  des  Produits  Chemiques. 

•  Source:  Oiornaledi  Chemica  Industriale. 

«  Grade:  Bleif.  kryst.    So;irce:  Chemiker  Zeitung. 


32  DEPRECIATED   EXCHANGE    AND    INTERNATIONAL   TRADE. 

Comparative  prices — Continued. 

Table  4c. — Caustic  soda. 

[100  pounds.] 


New 
York.i.2 

England.' 

Paris,  France.* 

MOan, 

Italy.s 

Germany.' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Currenl. 

1914. 
January... 
February. . 

$1.81 
1.81 
1.81 
1.81 
1.81 
1.81 

3.60 
2.90 
2.85 
2.60 
2.50 
2.65 
3.00 
.3.25 
3.25 
3.35 
3.50 
3.80 

4.50 
4.50 
5.00 
6.75 
7.00 
6.25 
6.50 
6.00 
4.  SO 
4.00 
4.25 
3.70 

3.50 
3.90 
3.60 
3.60 
3.75 
4.00 
4.10 
3.60 
3.95 

$2.20 
•       2.20 
2.20 
2.20 
2.20 
2.20 

5.75 
5.31 
5.31 
5.31 
5.31 
5.09 
5.09 
5.21 
5.21 
5.21 
5.21 
5.21 

5.21 
5.21 
5.21 
5.21 
5.  86 
6.95 
6.95 
6.95 
6.95 
6.95 
6.95 
5.97 

5.97 
5.81 
5.81 
5.81 
5.81 
5.81 
5.81 
5.81 
5.81 

$2.  54 
2.62 
2.62 
2.62 
2.62 
2.62 

April 

May 

1919. 
January... 
February. . 

$5. 62 
5.20 
5.10 
.5.12 
5.21 
4.86 
4.82 
4.67 
4.49 
4.49 
4.46 
4.29 

4.07 
3.71 
3.67 
4. 21 
4.62 
5.61 
5.64 
5.31 
5.08 
4.95 
4.92 
4.28 

4.  .33 
4.56 
4.64 
4.69 
4.75 
4.67 
4.26 
4.46 
4.47 

April 

May 

July 

August 

September 

$6.30 
6.30 
6.30 
6.30 
7.70 
7.70 

8.75 
8.75 
11.81 
11.81 
12. 25 
12. 25 
12.25 
12.25 
12.25 
12.25 
12.25 
12.25 

10.94 
10.91 
10.94 
10.50 
9.63 
9.63 
9.63 
9.63 
9.63 

$5. 04 
4.49 
4.01 
3.  82 
4.53 
4.06 

4.23 
3.33 
4.31 
4.20 
3.80 
4.93 
5.22 
4.84 
4.39 
4.21 
4.01 
3.85 

3.37 
3.97 
4.09 
3.79 
3.89 
4.23 
3.81 
4.11 
3.93 

$10. 50 

$5.63 

15.75 

17.50 
17.  50 
19.25 
22.76 
39.39 
39.39 
35.01 
35.01 
35.01 
35.01 
29.32 
28.88 

26.26 
25.38 
23. 63 

21.88 
19.26 
17.07 
17.07 

6.62 

6.87 
5.67 
5.47 
5.75 
9.21 
12.90 
10.76 
12.53 
8.47 
7.58 
5.57 
5.51 

4.70 

4.81 
4.48 
4.85 
4.81 
4.69 
3.77 

1920. 
January... 
February. . 

April 

July 

August 

•September 

November. 
December . 

1921. 
January... 
February. . 

March 

April 

May 

June 

July 

August 

September 

91.72 
68.00 

66.90 

$5.00 
4.18 

3.83 

52.62 

'""52.' 33" 
49.63 
53.95 

3.63 

3.' 40 

3.30 
2.79 

'  Dutiable  at  25  cents  per  100  pounds. 

2  Grade:  76  per  cent.    Source:  The  Oil,  Paint,  and  Drug  Reporter. 

'  Grade:  Sodium  hydrate,  76  per  cent.    Source:  The  Chemical  Trade  Journal,  London. 

■•  Grade:  76-77  per  cent  nondecolorce.    Source:  La  Revue  des  Produits  Chemiques. 

'  Grade:  Fused,  com.  76-78  per  cent.    Source:  Giornale  de  Chemica  Industriale. 

« Source:  Chemiker  Zeitung. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE, 

Comparative  prices — Continued. 

Table  4d. — Linseed  oil. 

[Pound.] 


33 


New 
York.i.' 

London, 

England.' 

Paris,  France.^ 

Hamburg,  Ger- 
many.' 

Toronto 

Canada.' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 
January... 
February. . 

$0.0640 
.0640 
.0666 
.0680 
.0666 
.0660 

.2067 
.1933 
.1933 
.20(K) 
.2107 
.2174 
.2600 
.2960 
.2960 
.2480 
.2480 
.2360 

.2360 
.2360 
.2360 
.2454 
.2294 
.2227 
.2067 
.2000 
.1627 
.1600 
.1360 
.1067 

.1067 
.0935 
.0894 
.0867 
.0800 
.1000 
.0974 
.  1027 
.0974 

$0. 0528 
.0507 
.0534 
.0566 
.0539 
.0566 

April 

May 

1919. 
January... 
February. . 

$0. 1260 
.1260 
.1760 
.2498 
.2716 
.2737 
.2172 
.1760 
.1988 
.2281 

.2346 
.2303 
.2781 
.2346 
.2194 
.2107 
.1651 
.1716 
.  1738 
.1760 
.1521 
.1032 

.0891 
.0675 
.  0722 
.0565 
.0630 
.0695 
.0771 
.0798 
.0825 

$0. 1209 
.1214 
.1723 
.2382 
.2562 
.2451 
.1871 
.1516 
.1711 
.1876 

.1832 
.1642 
.1957 
.1898 
.1730 
.1700 
.1341 
.1312 
.1271 
.1255 
.1078 
.0741 

.0647 
.0528 
.0577 
.0456 
.0514 
.0558 
.0565 
.0612 
.0635 

April 

May 

$0. 2140 
.2311 
.2610 
.3640 
.3640 
.3640 
.3640 
.2640 

.2640 
.2960 
.2960 
.3220 
.3220 
.2810 
.2810 
.2810 
.2810 
.2810 
.1560 
.1250 

.1250 
.1140 
.1030 
.0980 
.0980 
.0980 

$0. 2081 

.2247 

July 

.2531 

August 

September 

.3458 

.3500 

.349i 

.3503 

.251: 

1920. 
January . . . 
February.. 

2. 3700 

$0.2000 

.2416 

.2590 

.2516 

April 

May 

$0. 4990 
.5471 
.4596 
.4027 
.4464 
.4727 
.4902 
.4815 
.3283 

.2626 
.1882 
.1970 
.1576 
.1663 
.1751 
.1795 
.1926 
.1926 

$0. 1774 
.1698 
.1850 
.1717 
.1765 
.1695 
.1686 
.1577 
.1032 

.0810 
.0684 
.0737 
.0.568 
.0672 
.0768 
.0710 
.0821 
.0785 

.2930 

.2908 

.2459 

July 

August 

September 

.2417 

.2455 

2. 3200 

.2000 

.2515 
.2564 

.1425 

.1098 

1921. 
January . . . 
February. . 

March 

April 

May 

2. 1300 

.1220 

.1075 
.1012 

1. 2700 
6.0674 

.0875 
.0578 

.0926 
.0869 
.0876 

June 

Julv 

.0775 

.0666 

.0873 

Augiist 

September. 

.0802 

.0611 

'  Dutiable  at  IJ  cents  per  pound. 

'  Source:  The  Oil,  Paint  and  Drug  Reporter. 

»  Grade:  Spot.    Source:  The  London  Oil,  Seed  and  Grain  Reporter. 

*  Grade:  H.  P.    Source:  La  Revue  des  Produits  Chemiques. 

^  Grade:  Holland  oil — quoted  in  marks  until  April,  then  quoted  at  Amsterdam  in  florins. 
Chemiker  Zeitung. 

♦  Grade:  Boiled.    Source:  The  Canadian  Chemical  Journal. 


Source: 


34  DEPRECIATED    EXCMAXGE   AXD   INTERXATIONAL   TRADE. 

Comparative  prices — Continued. 

Table  4e. — Benzoic  acid. 

[Pound.] 


New 

york.i.s. 

London,  England.' 

Hamburg,  Germany.' 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 

$0. 2350 
.2350 
.2350 
.  2350 
.2350 
.23.50 

2. 0000 
1. 5000 
1.3500 
1.2500 
.8000 
.8000 
.7500 
.7500 
.  7.500 
.  7500 
.  7500 
.  7500 

.  7.500 
.7500 
.7.500 
.  7500 
.  7500 
.  7500 
.  7500 
.  7500 
.  7500 
.6500 
.6500 
.  6500 

.6.500 
.5800 
.  5.500 
.  5500 
.  5500 
.5000 
.  5000 
.5000 
.  5500 

$0. 2320 
.2.320 
.2320 
.2266 
.2212 
.2104 

February. .                                  

March 

April..                                          

May 

June .        

1919. 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1920. 
January 

February 

March 

April 

June 

July 

August 

September 

October 

December 

1921. 

$0. 6386 
.6386 
.  5575 
.5575 
.5575 
.5971 
.5971 
.4561 
.4561 

$0. 4639 
.  5016 
.4459 
.4501 
.  4554 
.4797 
.4376 
.  3499 
.3511 

5. 1200 
4.2100 
4. 0500 
4. 3200 
3. 6700 
3.  8000 
3. 5600 
3. 6700 

$0. 2934 

February 

.2796 

March 

.2790 

April 

.2903 

May 

.2385 

June 

.  2527 

July 

.  1844 

August 

.2070 

'  Dutiable  at  15  per  cent  ad  valorem,  plus  2^  cents  per  pound,  act  of  1916. 
'  Tirade:  Tech.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

•  Source:  La  Revue  des  Produits  Chemiques. 

*  Grade:  Bensoesaure  aus  toluol.    Source:  Chemiker  Zeitung. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL  TRADE. 


35 


Comparative  'prices — Continued. 

Table  4f. — Anthracene. 
[Pound.] 


New 
York.i.' 

England.' 

Period. 

Exchange. 

Par. 

Current. 

1914. 
January . .               

$0.0125 
.0125 
.0125 
.0125 
.0125 
.0125 

.1824 
.1824 
.1015 
.1015 
.  1319 
.1319 
.1319 
.1319 
.1421 
.1421 
.1421 
.1421 

.1824 
.1824 
.1824 
.1824 
.1824 
.1824 
.1824 
.1824 
.1824 
.2534 
.2534 
.2534 

.2534 
.3142 
.2940 
.2737 
.2233 
.2233 
.2233 
.1670 
.1723 

March 

April 

1919. 
January ...                           . .                           

$0.1783 

February.  .           

.1783 

.0974 

April 

.0978 

May . .                        

$0.2500 
.2500 
.1500 
.1500 
.1500 
.1500 
.1500 
.1350 

.1350 
.1350 
.1350 
.1350 

.1292 

.1257 

July 

.1246 

August.            .          

.1182 

.1224 

October 

.1224 

November. .                     .             .          

.1217 

December 

.1169 

1920. 
January 

.1424 

February 

.1301 

March . .                                                               

.1284 

April 

.1476 

May 

.1438 

.1471 

July 

.1482 

August 

.1600 
.1700 
.1700 
.1700 
.1700 

.1600 
.1700 
.1500 
.1700 
.1700 
.1500 
.1500 
.1500 
.1650 

.1394 

September 

.1334 

.1807 

November 

.1795 

.1819 

1921. 
January . 

.1841 

.2468 

March 

.2352 

April 

.2209 

May 

.1824 

June 

.1794 

July 

.1636 

.1281 

September 

.1326 

*  Dutiable  at  15  per  cent  ad  valorem,  plus  2^  cents  per  pound,  act  of  1916. 
'  Grade:  40-50  per  cent.    Source:  The  Oil,  Paint  and  Drug  Reporter. 
'  Grade:  40-50  per  cent.    Source:  The  Chemical  Trade  Journal,  London. 


36  DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE, 

Comparative  prices — Continued. 

Table  4g. — Alizarin. 

[Pound.] 


New 
York.>.2 

England.' 

Period. 

Exchange. 

Par. 

Current. 

1914. 
January 

$0. 1550 
.1550 
.1550 
.  1550 
.1550 
.1550 

3. 5000 
3. 5000 
3.  5000 
3. 5000 
3. 5000 
3. 5000 
3. 5000 
3. 5000 
3. 5000 
3. 5000 
3. 5000 
3. 5000 

3. 5000 
3. 5000 
3. 5000 

$0. 1419 
.1419 
.1419 
.1419 
.1419 
.1419 

.  4866 
.  4866 
.  4860 
.  4866 
.  4866 
.4866 
.  4866 
.4866 
.  4866 
.  4866 
.  4866 
.  4866 

.4866 
.4866 
.  4866 
.  4866 
.  4866 
.4866 
.  4866 
.  4866 
.  4866 
.  4866 
.  4866 
.4866 

.4866 
.4866 
.4866 
.  4866 
.  4866 
.  4866 
.4806 
.  4866 
.4866 

February 

Maroh 

April 

Mav 

June 

1919. 
January 

$0.4758 

475S 

February 

March 

.  4671 

Atjril 

4687" 

Mav 

4765 

Juiie 

4639" 

Julv 

4595 

August 

.4363 

September 

4192" 

October 

.  4192 

November 

4167 

December 

4003 

1920. 
January 

3800' 

February 

3470- 

March 

.3425 

April 

3937 

Mav 

.3837 

June 

1. 5000 
1.5000 
1.5000 
1. 5000 
1.5000 
1. 0000 
1. 0000 

1. 0000 
1.0000 
1.0000 
1.0000 
1.0000 
1.0000 
1.0000 
1.0000 
1.0500 

3926 

Juh 

3953: 

August 

3719 

September 

3560- 

October 

.  3470 

November 

344S 

December 

.3492- 

1921. 

3534 

February 

3824 

March 

3892 

April 

392g 

Mav 

3975 

June 

3910 

July 

3566 

August 

3734 

September 

.3746 

1  Dutiable  at  30  nor  cent,  act  of  1916. 

2  Grade:  Red.    Source:  The  Oil,  Paint,  and  Drug  Reporter. 

2  Grade:  Artificial,  20  per  cent.    Source:  'J'he  Chemical  Trade  Journal,  London. 

White  lead,  the  first  on  the  list  in  order  of  the  degree  of  price  adjust- 
ments, is  found  to  have  a  similar  gold  value  in  New  York,  London,  and 
Paris  for  practically  all  the  months  shown.  Paris  quotations  were 
seriously  off  in  the  early  part  of  1919,  but  after  that  time  1  or  2  cents 
per  pound  was  the  limit  of  variation  at  current  exchange  rates. 

The  price  of  citric  acid  is  also  well  adjusted;  the  latest  quotations 
for  the  various  countries  in  1921,  running  47,  45,  42,  and  43  cents  per 
pound,  compare  favorably  both  absolutely  and  relatively  with  the 
prices  for  June,  1914 — 53,  58,  53,  and  54  cents.  In  short,  the  exchange 
seemingly  no  longer  affects  the  citric-acid  trade  except  for  the  uncer- 
tainty of  daily  fluctuations. 


DEPRECIATED  EXCHANGE   AND  INTERNATIONAL,   TRADE.  37 

The  prices  of  caustic  soda  tell  roughly  the  same  story.  They  are 
somewhat  out  of  line  in  1921  between  England  and  the  United  States, 
but  not  more  so  than  in  1913-14. 

Linseed  oil  is  in  the  same  general  class  with  respect  to  the  degree  of 
adjustment.  England  and  Germany  show  a  lower  price  than  other 
countries — around  6|  cents  per  pound  at  current  exchange  as  com- 
pared with  8  to  9  cents  for  the  United  States  and  France.  Probably 
the  American  duty  on  flaxseed  causes  the  price  of  oil  to  be  somewhat 
higher  in  tliis  country  than  in  England. 

The  price  of  benzoic  acid  in  Germany  and  the  United  States  is 
worth  noting.  In  1913  and  1914  the  quotations  were  almost  iden- 
tical, but  in  1921  the  German  prices  at  current  exchange  were  less 
than  half  the  American  price — apparently  a  case  of  maladjustment 
because  of  the  depreciated  exchange. 

Anthracene  and  alizarin  offer  an  interesting  contrast.  Both  of 
them  being  important  intermediates  for  coal-tar  dyes,  one  should 
expect  their  price  movements  to  be  similar  in  England  and  the  United 
States.  As  a  matter  of  fact,  the  price  of  anthracene  is  closely  ad- 
justed, but  that  of  alizarin  shows  no  approximation  to  an  equaliza- 
tion between  the  two  countries.  The  American  prices  of  the  latter 
during  1921  were  regularly  $1  per  pound  as  compared  witkless  than 
40  cents  in  England.  If  the  prices  for  this  product  in  both  countries 
had  not  been  almost  equal  in  1913  and  1914,  there  would  be  grounds 
for  believing  that  the  products  were  not  the  same  in  quality.  The 
regularity  of  the  American  quotations  renders  them  somewhat  arti- 
ficial and  indicates  that  the  price  differences  in  the  two  countries  are 
not  due  to  the  exchange  situation  alone  but  rather  to  restrictions  on 
imports  of  coal-tar  products. 

AGRICULTURAL   PRODUCTS. 

The  main  agricultural  products  show  about  the  same  degree  of  price 
adjustment  to  an  international  gold  basis  as  metals  and  chemicals. 
The  quotations  for  the  period  immediately  following  the  war  are  not 
especially  significant  because  of  governmental  control,  but  the  prewar 
and  recent  quotations  are  significant  until  the  emergency  tariff  in  the 
United  States  became  effective  in  May,  1921. 


190197 


38  DEPRECIATED   EXCHANGE   AXD   INTERNATIONAL   TEADE. 

Comparative  prices. 

Table  5a. — Wheat. 
[Bushel.] 


Minne- 
apolis.! 

Winnipeg.* 

Period. 

Minne- 
apolis.' 

Winnipeg  .- 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current 
plus  35 
eents.3 

1914. 
January    

$0.  8650 
.8962 
.9312 
.8675 
.9125 
.9312 

2.  ISOO 

SO.  8350 
.  8650 
.9112 
.8937 
.9112 
.9525 

2.3100 
2. 3000 
2. 2700 
2. 2400 
2. 2200 
2. 1500 
2. 0800 
2. 0000 
2. 1300 
2. 1000 
2. 1100 
2. 0800 
2.0900 
2. 1200 
2.1100 
2. 0600 
2. 0500 
1. 9800 
1.9500 
1. 9500 
1.  8700 
1. 8.300 
1. 7900 
1.  8300 
1.  8700 
1.7800 

1921. 
Oct.  1 

SI.  45 
1.43 
1.42 
1.38 
1.39 
1.36 
1.35 
1.38 
1.42 
1.40 
1.39 
1.42 
1.39 
1.32 
1.26 
1.27 
1.30 
1.35 
1.33 
1.36 
1.35 
1.33 
1.34 
1.34 
1.34 
1.33 

$1.29 
1.28 
1.23 
1.18 
1.16 
1.15 
1.14 
1.17 
1.22 
1.19 
1.18 
1.21 
1.20 
1.16 
1.10 
1.09 
1.09 
1.13 
1.11 
1.11 
1.13 
1.11 
1.09 
1.11 
1.11 
1.11 

$1.52 

3 

1.52 

March 

4 

1.46 

April 

5 

1.42 

May 

6 

1.40 

June 

7 

1.39 

$2,087 

8 

1.38 

1920. 

10 

1.41 

11 

1.46 

2 

12       

1.43 

3 

2. 1300 
2.0500 
2. 0100 
1.9400 
1. 8700 
1. 7900 
1. 8700 
1. 8100 
1. 7500 
1. 7900 
1.8400 
1.8600 
1.  8200 
1. 7900 
1. 7100 
1. 6200 
J. 5700 
1. 6700 
1. 6000 

2.050 
2.024 
2.006 
1.940 
1.872 
1.800 
1.898 
1.877 
1.878 
1.851 
1.860 
1.889 
1.880 
1.836 
1.824 
1.757 
1.721 
1.718 
1.643 

13 

1.42 

4 

14 

1.45 

5      

15 

1.44 

6 

17 

1.41 

8 

18 

1.35 

9 

19 

1.34 

10 

20 

1.35 

11 

21 

1.38 

12 

22 

1.35 

13 

24 

1.37 

15 

25 

1.39 

16 

26 

1.37 

17 

27  

1.35 

18 

28 

1.37 

19 

29 

1.37 

20  .   .   . 

31  

1.37 

22 

23 

24 

25 

26 

1. 5300 
1.5500 
1. 5700 
1. 5500 

1.571 
1.613 
1.648 
1.562 

27 

29 

30 

»  Grades:  No.  1  northern,  1914;  No.  1  dark  northern,  1920-21. 

2  Grade:  No.  1  northern.    Source:  The  Northwestern  Miller. 

3  The  emergency  tarifl  rate  on  wheat  is  35  cents  per  bushel. 


Source:  The  Northwestern  Miller. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 

Comparative  prices — Continued. 

Table  5b. — Cotton. 

[Pound.] 


39 


New- 
York.! 

Liverpool 

England.* 

Osaka,  Japan.' 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 

$0. 1250 
.1265 
.1300 
.1340 
.1300 
.1365 

.3240 
.2675 
.2610 
.2830 
.2915 
.3280 
.3415 
.2485 
.3140 
.3225 
.3865 
.3975 

.3925 
.3915 
.4025 
.4175 
.4145 
.4000 
.3925 
.4000 
.3175 
.2550 
.2025 
.1600 

.1475 
.1430 
.1125 
.1200 
.1245 
.1140 
.1160 
.1280 
.1605 

1 

May 

1 

1919. 

$0.3842 
.3281 
.2935 
.2898 
.3234 
.3664 
.3963 
.4113 
.3739 
.3898 
.4337 
.4879 

.4860 
.4776 
.4730 
.4945 
.4730 
.4309 
.3692 
.3630 
.2898 
.2393 
.1963 
.1673 

.1673 
.1720 
.1327 
.1439 
.1499 
.1468 
.1388 
.  1435 
.1608 

SO.  3906 

.3376 

.2998 

April 

.2960 

$0. 3618 
.4249 
.5491 
.4133 
.3997 
.4273 
.5165 
.5140 

.6205 
.  5850 
.6168 
.5927 
.5483 
.5751 
.5408 
.5434 
.4808 
.4050 
.3655 
.2343 

.2165 
.1891 
.1484 
.1538 
.1664 
.1660 
.1034 
.1768 
.2611 

$0. 3543 
.4051 
.5181 
.3701 
.3444 
.3681 
.4422 
.  4828 

.4845 
.4172 
.4341 
.4795 
.4323 
.4641 
.4393 
.4154 
.3517 
.  2888 
.  2589 
.1682 

.1572 
.1485 
.118T 
.1242 
.1359 
.1334 
.1198 
.1356 
.2008 

.3354 

June 

.3807 

July 

.  4058 

.4212 

September 

.3791 

.3%2 

November 

.4409 

December 

.4935 

1920. 
January 

.4923 

.4695 

.4506 

April 

.4687 

May 

.4792 

.4442 

July 

.3818 

.3512 

September 

.2968 

.2475 

November 

. . 2010 

.1705 

1921. 
January 

.1612 

.1692 

March 

.1293 

April 

.1398 

May 

.1456 

June 

.1422 

July 

.1343 

.1379 

September 

.1573 

'  Grade:  Raw  American  uplands  middling.    Source:  The  Journal  of  Commerce. 

'  Grade:  American  uplands,  fully  middling  (F.  M.).    Source:  The  Manchester  Guardian. 

•Grade:  Raw  American  uplands  middling.    Source:  The  Japan  Cotton  Merchants'  Union. 


40 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


Comparative  prices — Continued. 

Table  5c. — Beef. 

[100  pounds.] 


New 
York.i.  2 

London.' 

1          London.^ 

Buenos  Aires  .5 

Buenos  Aires.' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 

January... 
February. . 

$13.50 
13.25 

$13.94 
13. 94 

$9.25 
9.76 

March 

13.25 
13.25 
13.25 
13.25 

13.43 
13.43 
14.17 
13.43 

9.25 
8.87 
9.25 
9.63 

April 

Mav 

June 

1919. 

January . . . 

27.00 
24.  .M) 
24.50 
25.50 

28.89 
28.89 
28.89 
25.34 
25. 34 
25.85 
25.85 
2.5.85 
25.85 
25.85 
30.41 
30.41 

$28.2,5 
28.25 
27.73 
24.41 
24.82 
24.64 
24.39 
23.17 
22.27 
22.27 
26.04 
25.01 

27.88 
.27.37 
27.37 
23.82 
23.82 
20.27 
26.10 
18.24 
18.24 
19.77 
27.37 
27.37 

$27.26 
26.76 
26.27 
22.95 
23.33 
19.34 
24.65 
16. 36 
15.72 
17.03 
23.44 
22.52 

$12. 10 
12.51 
12.74 
13.16 
13.37 
13.80 
13.59 
15.08 
15. 92 
16.56 
14.44 
14.22 

$12. 36 
12.76 
12.82 
13.37 
13.77 
14.34 
14.40 
14.99 
15.85 
16.50 
14.40 
14.48 

February. . 

March 

April 

May 

June 

25.50 

JuJv 

August 

23. 75 
23.50 

September 

October. . . 

November. 

24.50 
20.50 

December . 

1920. 

January . . . 

20.00 

30.41 

23.75 

27.37 

21.35 

12.51 

12.74 

$12.  51 

$12. 74 

February. . 

18.50 

30.41 

21.68 

27.37 

19. 32 

12.51 

12.70 

12.95 

13.14 

March 

17.50 

30.41 

21.40 

20.27 

14.27 

13.37 

13.84 

15.50 

15.81 

April 

20.25 
22.00 

30.41 
30.41 

24.60 
23.97 

20.27 
20.27 

16.47 
15.98 

12.51 
13.25 

12.75 
13.32 

May 

14.65 

14.72 

June 

18.50 

30.41 

24.53 

20.27 

16.35 

12.40 

12.39 

12.74 

12.73 

July 

27.00 

32.94 

26.76 

20.27 

16.47 

12.51 

12.28 

13.80 

13.55 

August 

24.00 

34.46 

26.34 

20.27 

15.49 

14.20 

13.08 

14.44 

13.30 

September 

24.50 

33.45 

24.47 

20.27 

14.  S3 

13.57 

12.00 

15.28 

13. 51 

October. . . 

23.50 

30.40 

21.68 

20.27 

14.46 

14.31 

12.41 

14.86 

12.89 

November. 

22.00 

32.44 

22.98 

20.27 

14.36 

14.95 

12.35 

16.14 

13.33 

December . 

18.50 

32.94 

23.64 

20.27 

14. 55 

12.51 

10.05 

12.10 

9.72 

1921. 

January... 

19.00 

34.97 

25.40 

20.27 

14.72 

12.51 

9.74 

12.  51 

9.74 

February. . 

16.50 

36.32 

28.53 

20.27 

15.92 

12. 82 

10.53 

12.10 

9.94 

March 

16.50 

34.46 

27.57 

24.33 

19.46 

12. 51 

10.25 

11.25 

9.22 

April 

16. 25 

34.46 

27.83 

24.33 

19.64 

12.30 

9.73 

11.25 

8.90 

May 

16.75 

34.97 

28.56 

22.30 

18.21 

11.24 

8.27 

9.54 

7.02 

June 

15. 75 

33.45 

26.88 

20.27 

16.29 

8.69 

6.60 

7.84 

5.95 

July 

14.75 

26.86 

19.68 

20.27 

14.85 

10.39 

7.33 

9.54 

6.73 

Augu.st 

16.  50 

26.35 

20.21 

19.25 

14.77 

9.% 

6.72 

8.48 

5.72 

September. 

16.50 

27.87 

21.45 

23.31 

17.91 

•  Dutiable  at  2  cents  per  pound  after  May  21,  1921. 

2  Grade:  Good  steer.    Source:  The  National  Provisioner  and  The  Market  Reporter. 

'  Grade:  EngUsh.    Source:  The  Statist. 

<  Grade:  Argentine  chilled  hind  quarters.    Source:  The  Statist. 

'  Grade:  Frigorifico  steer,  good  quality.    Source:  The  Review  of  the  River  Plate. 

°  Grade:  Fat  steer,  frigorifico  quality.    Source:  The  Review  of  the  River  Plate. 


DEPRECIATED   EXCHANGE   AND   INTEENATIOXAL   TRADE. 


41 


Comparative  prices— Continued. 

Table  5d. — Butter. 

[Pound.] 


New 
York.>.2 

London,  England.' 

Period. 

Exchange. 

Par. 

Current. 

1914. 
January 

$0.  3700 
.  2725 
.3075 
.2,500 
.2687 
.2725 

.6800 
.4900 
.5825 
.0625 
.5850 
.5187 
.5000 
.,5400 
.5800 
.  6375 
.  6950 
.7350 

.6950 
.6400 
.  6.500 
.6700 
.6400 
.6000 
..5900 
..5600 
.5700 
.6200 
.6200 
.5700 

.5600 
.5000 
.  5250 
.  49,50 
.  35.50 
.2900 
.  3450 
.  4350 
.4150 

$0. 2854 
.2702 
.2702 
.2669 
.2430 
.2496 

.  .5475 
.  5475 
.  5475 
.5475 
.5475 
.5475 
.5475 
.  5475 
.  5475 
.5475 
.5475 
.5475 

.5475 
.  5SS0 
.  6,590 
.6590 
.6590 
.6590 
.5700 
5700 
.6500 
.7200 
.7200 
.7200 

.7299 
.7299 
.6488 
.6488 
.  6060 
.4626 
.4474 
.  5604 
.53S6 

March 

April 

May 

June 

1919. 
Januarv 

$0.  .5354 

February 

.  ,5354 

March 

.5255 

April 

.  5274 

.5361 

June 

.5291 

July 

.5166 

August 

.4908 

September 

.4716 

October 

.4716 

November 

.4688 

December 

.4504 

1920. 

.  4275 

February 

.4193 

March . .                                       

.4638 

April 

.5332 

May 

.5196 

.5316 

July 

.4600 

August 

.4400 

.  4.*i00 

October 

.5200 

.,5100 

December 

.  5200 

1921. 
January 

.5302 

February 

.  5733 

March 

.5190 

April 

.  5238 

May 

.4951 

June 

.3717 

July 

.3279 

August 

.4299 

September 

.4146 

1  Dutiable  at  2i  cents  per  pound;  6  cents  per  prund  after  May  27,  1921 . 

'  Grade:  Creamery,  92  score.    Source:  The  Market  Reporter  and  The  National  Provisioner. 

'  Grade:  Danish.    Source:  The  Statist. 


42  DEPRECIATED  EXCHANGE   AND  INTERNATIONAL   TRADE. 

Comparative  prices — Continued. 

Table  5e. — Coffee. 

IPoiind.l 


New 
York.! 

London,  England.^ 

Period. 

Exchange. 

Par. 

Current. 

1914. 

$0. 1043 
.1112 
.1087 
.1087 
.1087 
.1137 

.2087 
.2000 
.1987 
.2000 
.2075 
.2.^37 

SO.  09rt0 
.  0955 
.0908 
.0922 
.0884 
.  0955 

.1428 
.1428 
.1428 
.1956 
.2129 
.2433 
.27S1 
.2998 
.2933 
.2824 
.2889 
.2824 

.2911 
.2954 
.2998 
.2933 
.2715 
.2607 
.2118 

April 

Mav 

1919. 
January 

$0. 1390 

.1396 

March 

.1371 

April 

.1885 

Mav 

.2085 

June 

.2319- 

July 

.2624 

August 

.2687" 

September.-. 

.2527 

October 

.2433r. 

November 

.2474 

December 

.2323: 

1920. 
January 

.  2273' 

February 

.2107 

March 

.2110 

.1875 
.1875 
.1900 
.1788 
.1650 
.1125 
.1000 
.0900 
.0888 

.0863 
.0825 
.0825 
.0878 
.0725 
.0793 
.0793 
.08.38 
.0888 

.237J 

Mav 

.2145 

.210$ 

July 

.1721; 

September 

.1955 
.1629 
.1684 
.1575 

.1575 
.1521 
.1358 
.  1086 
.1205 
.1205 
.  1216 
.1281 
.1292 

.1430 

.1162- 

November 

.1193; 

.  1130 

1921. 
Januar\' 

.  1144 

February 

.  1195 

March 

.108& 

April 

.  0876 

Mav 

■  0984 

June 

.0968 

July 

.0891 

Augu.st 

.  098;i 

September 

.0995 

'  Grade:  No.  7  Santos  Braail.    Source:  The  Journal  of  Commerce. 
'  Grade:  Brazil,  Santos,  gooi.    Source:  TJie  Statist. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 

Comparative  prices — Continued. 

Table  5f. — Flaxseed. 

[Bushel.) 


43 


Minneap- 
olis.1.2 

Winnipeg,  Canada.' 

Buenos  Aires,  Argen- 
tina.< 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 
January 

$1.49 
1.49 
1.60 
1.55 
1.54 
1.62 

$1.23 
1.27 
1.35 
1.37 
1.34 
1.40 

$1.30 
1.2« 
1.27 
1.36 
1.38 
1.41 

2.01 
1.99 
1.99 

February .             

March 

April 

May 

1919. 
January 

$2.06 

February 

2.03 

March 

2.01 

April 

May 

2.13 
2.81 
3.92 
4.52 
3.70 
2.34 
2.72 
3.04 

2.53 
2.36 
2.88 
3.04 
3.08 
2.91 
2.74 
2.66 
2.77 
2.61 
2.46 
2.06 

1.82 
1.57 
1.63 
1.47 
1.69 
1.83 
2.01 
2.54 

2.20 

2.92 

July 

4.15 

August 

4.49 

September 

3.68 

October 

2.33 

November 

2.72 

December 

3.09 

1920. 
January 

4.65 
5.30 
5.18 
4.65 
4.75 
4.06 
3.85 
3.22 
3.21 
3.05 
2.73 
2.06 

2.06 
1.68 
1.80 
1.60 
1.67 
1.93 
1.90 
2.02 
1.95 

4.98 
5.14 
5.34 
5.12 
5.05 
4.46 
3.97 
3.45 
3.45 
3.18 
2.80 
1.96 

2.09 
1.68 
1.82 
1.54 
1.57 
1.83 
1.77 
1.99 
1.97 

$4.56 
4.50 
4.54 
4.66 
4.56 
3.90 
3.41 
3.01 
3.09 
2.87 
2.53 
1.72 

1.80 
1.49 
1.59 
1.37 
1.41 
1.63 
1.55 
1.78 
1.78 

2.57 

February 

2.40 

March 

2.94 

April 

3.10 

May 

3.09 

June 

2.91 

July 

2.69 

August 

2.45 

September 

2.45 

October 

2.26 

November 

2.03 

December 

1.66 

1921. 
January 

1.42 

February 

1.29 

March 

1.34 

April 

1.16 

May 

1.24 

1.39 

July 

1.42 

August 

1.71 

September 

1  Dutiable  at  20  cents  per  bushel;  30  cents  per  bushel  after  May  27,  1921. 

'  Grade:  No.  1.    Source:  The  Minneapohs  Daily  Market  Record. 

«  Grade:  No.  1.    Source:  The  Minneapolis  Daily  Market  Record. 

*  Grade:  Linseed  (4  per  cent).    Source:  The  Review  of  the  River  Plate. 

The  prices  of  wheat  are  given  in  different  form  from  those  of  other 
commodities  in  these  tables.  Instead  of  giving  the  quotations  on  the 
1st  of  each  month  during  the  year,  the  daily  quotations  in  the  heavy 
crop-moving  season  arc  given — November  in  1920  and  October  in  1921. 
(November,  1921,  statistics  were  not  available  at  the  time  of  publica- 
tion.) For  comparative  purposes  the  prices  of  the  same  grades  of 
wheat  are  given  for  the  last  half  of  1914.  The  quotations  are  for  No.  1 
dark  northern  spring  wdieat  in  Minneapolis  and  No.  1  northern  spring 
in  Winnipeg,  f.  o.  b.  Port  Arthur  and  Fort  William.  Attention  is 
called  to  the  fact  that  to  the  Winnipeg  quotations  for  1921  at  current 


44 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


exchange  the  emergency  tariff  rate  of  35  cents  per  bushel  is  added. 
After  such  an  addition  is  made  the  prices  of  Canadian  and  American 
wheat  are  almost  the  same  in  the  two  markets.  Winnipeg  ruled  5  or 
6  cents  per  bushel  higher  in  both  1920  and  1921,  but  the  difference 
is  due  to  the  better  quaUty  of  the  Canadian  wheat.  It  will  be  ob- 
served that  the  differences  in  the  quotations  in  November,  1920,  are 
large  on  some  days,  but  these  differences  are  no  greater  than  some  of 
the  fluctuations  overnight  in  Minneapolis. 

In  addition  to  these  wheat  prices  taken  from  trade  journals,  some 
quotations  based  on  actual  purchases  in  September  and  October,  1921, 
have  been  obtained  from  private  firms. 

Prices  of  Canadian  and  American  wheat.^ 


Canadian  No.  1 
northern  Manitoba. 

American 

Dark  No.  1 

northern 

sprmg. 

Excess  of 

Date  of  purchase. 

1 

Prices 
c.  i.  f.  Buf- 
falo in 
bond, 
Canadian 
funds. 

2 

Canadian 
price  in 
American 
currency, 
plus  35 
cents  duty. 

3 

C.i.f. 
Buffalo. 

4 

column  3 
over  col- 
umn 4. 

5 

1921. 
Sept.  27 

$1.  4375 
1.2275 
1. 1975 
1. 1888 
1. 1900 
1.2000 
1.1200 

$1. 6480 
1.4600 
1.  4380 
1. 4310 
1.4340 
1.4450 
1.  3740 

«1. 5975 
1.4250 
1.3850 
1.3788 
1.4200 
1.2925 
1. 3250 

$0. 0505 

Oct.  6                               

.0350 

Oct.  7  

.0530 

Oct.  8 

.0522 

Oct.  10           

.0140 

Oct.  18 

.1525 

Oct.  20                  .                    

.0490 

I  Prices  in  Buffalo  quoted  by  private  firms  from  actual  purchases. 

From  the  two  tables  of  prices  given  above  it  seems  certain  that  no 
special  advantage  due  to  exchange  rates  can  be  obtained  in  buying 
wheat  in  Canada  rather  than  in  the  United  States. 

Prices  of  cotton  of  the  same  grades  are  as  closely  adjusted  in  all 
important  markets  as  the  price  of  wheat.  Dealers  in  New  York, 
Liverpool,  and  Osaka,  Japan,  pay  practically  the  same  price  for  up- 
land middling  except  for  a  slight  disadvantage  for  Japan  because  of 
ocean  rates,  but  this  difference  is  usually  not  more  than  1  or  2  cents 
a  pound. 

The  situation  with  respect  to  beef  prices  is  not  clear.  London  and 
New  York  prices  were  about  the  same  in  1914  and  in  1920,  but  in 
1921  English  prices  were  far  above  New  York  quotations.  Probably 
the  explanation  of  the  discrepancy  is  to  be  fovmd  in  the  precipitous 
slump  in  American  prices,  which  has  not  yet  been  reflected  in  the 
English  market  for  native  beef.  The  prices  of  Argentine  beef,  how- 
ever, dropped  in  London  long  before  the  American  price  decline  set 
in.  The  two  sets  of  quotations — American  beef  in  New  York  and 
Argentine  ])eef  in  London — are  now  about  equal  at  current  exchange. 

The  prices  of  butter,  coffee,  and  flaxseed  are  also  included  in  the 
tabulation  of  agricultural  products.  Danish  butter  in  England  is 
compared  with  92  score  creamery  butter  in  the  United  States.  Both 
of  these  are  the  highest  grades  marketed  to  any  considerable  extent 


DEPEECIATED  EXCHANGE   AND   INTERNATIONAL   TRADE.  45 

in  the  respective  countries.  American  prices  ruled  higher  in  1919 
and  1920,  but  by  1921  a  close  parity  had  been  reached,  which  con- 
tinued throughout  the  year  with  minor  exceptions. 

Brazilian  coffee,  as  is  to  be  expected,  is  rouglily  the  same  price  in 
London  and  New  York  for  similar  grades.  The  changes  in  quota- 
tions are  not  always  synchronous,  but  they  are  sufficiently  so  to 
eliminate  most  speculative  gains  through  arbitrage. 

Flaxseed  presents  an  interesting  case  of  a  close  price  adjustment 
on  an  article  on  which  there  is  an  import  duty.  The  Underwood 
tariff  carried  20  cents  per  bushel  on  this  product,  and  it  is  observed 
that  the  Minneapolis  quotations  are  roughly  20  cents  per  bushel 
higher  than  those  of  Winnipeg  at  current  rates  of  exchange.  After 
May  27  the  duty  was  30  cents,  and  that  was  roughly  the  difference 
in  prices  in  the  two  markets  during  the  summer  of  1921.  Buenos 
Aires  quotations  run  lower  than  either  Canada  or  the  United  States, 
but  the  tariff  and  transportation  charges  probably  account  for  the 
difference. 

TEXTILES. 

The  evidence  for  a  price  adjustment  in  textiles  sufficiently  close  to 
eliminate  the  effect  of  exchange  rates  is  inconclusive.  Some  products 
show  a  close  adjustment,  but  others  equally  common  to  world  markets 
show  little  equality  of  gold  prices.  It  is  true  that  there  is  a  tariff  on 
imports  to  the  United  States  for  all  the  textile  products  represented, 
but  this  element  does  not  account  for  the  inconsistencies  found  in  the 
tables. 

599—22 i 


46 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL  TRADE. 

Comparative  prices. 

Table  6a. ^ — Print  cloth. 
[Yard.] 


New 
York.i.' 

Manchester,  England.' 

Osaka,  Japan.* 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 
January 

$0.0518 

$0. 0490 
.0473 
.0473 
.0491 

■    .0493 
.0491 

February 

March 

April 

May 

June 

1919. 
January 

February 

.0875 
.0875 
.0975 
.1200 
.1513 
.1725 
.1875 
.1600 
.1700 
.1900 
.2000 

.2300 
.2225 
.2250 
.2400 
.2225 
.2250 
.2250 
.1650 
.1425 
.1425 
.1050 
.0850 

.0800 
.0925 
.0800 
.0663 
.0663 
.0675 
.0638 
.0694 
.0800 

$0. 1515 
.1815 
.1957 
.1485 
.1508 
.1632 
.1545 
.1476 
.1476 
.1595 
.1859 

10.1540 

March . .                         .... 

.1330 

$0. 1276 

.1869 

April 

.1999 

May 

.1492 
.1687 
.1719 
.1865 
.1833 
.1930 
.2011 
.2233 

.2583 
.2514 
.2790 
.2838 
.2838 
.2838 
.2693 
.2530 
.2336 
.2076 
.2011 
.1427 

.1330 
.1233 
.1062 
.1062 
.1079 
.1064 
.1032 
.0999 
,1097 

.1461 
.1608 
.1622 
.1670 
.1579 
.1662 
.1722 
.1841 

.2001 
.1793 
.1963 
.2296 
.2238 
.2289 
.2188 
.1934 
.1709 
.1480 
.1425 
.1024 

.0968 
.0968 
.0849 
.0857 
.0881 
.0853 
.0756 
.0766 
.0844 

.1517 

June 

.1560 

July 

.1748 

August 

.1582 

September 

.1511 

October 

.1497 

November 

.1621 

December 

.1890 

1920. 
January 

February , 

March 

April 

.1932 
.1656 
,1225 
.0997 
.0980 
.1935 
.0883 

.1840 

May 

.  1570 

.1241 

July 

.1030 

.loia 

September 

.0958 

.0904 

November 

1921. 
January 



February 

March 

.0656                .0639 

April 

.0708  J              .0688 

May 

.0808  '              .0785 

.0830  !              .0804 

July 

.0882                  ns^S. 

.0893 
.0986 

.0858 

September 

0958 

'  Dutiable  at  12J  per  cent. 

*  Grade:  38i  inches,  64  by  60,  5.35  yards  per  pound.    Source:  The  Textile  World  Journal. 
'  Grade:  16  by  15,  39  inches,  37i  yards,  8J  pounds.    Source:  The  Manchester  Guardian. 
<  Grade:  30  inches.  120  yards,  16J  pounds.    Source:  Japanese  exporting  firm  and  Weekly  Raport  of  R. 
Yamamoto. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 

Comparative  prices — Continued. 

Table  6b. — Cotton  yarn,     (a) 
[Pound.] 


47 


Period. 


New 
York.i>» 


Manchester,  England.' 


Osaka,  Japan.' 


Exchange. 


Par. 


Current. 


Exchange. 


Par.  Current. 


1919. 


80.2400 
.  2350 
.2350 
.2300 
.2200 
.2200 


.5950 
.5400 
.4250 
.4600 
.4950 
.5900 
.6450 
.7200 
.6900 
.7500 
.8000 
.7650 


$0.  2037 
.2012 
.2024 
.2062 
.  2088 
.2113 


.5321 


$0.  5107 


1920. 


.8000 
.8800 
.8750 
.8750 


1921. 


.8650 
.8650 
.6900 
.6500 
.5800 
.4200 
.3400 


.3100 
.3100 
.2800 
.  2450 
.2300 
.2300 
.  2250 
.  22.W 
.2725 


.6537 
.%79 
.7855 
.8361 
.8311 
.8260 
.9331 
1.0186 


1.2000 
1.  2400 
1.  4800 
1. 4800 
1.  2700 
1.2600 
1. 1100 
1. 1800 
1. 1600 
.9020 
.6892 
.5473 


.  4257 
.  4561 
.3547 
.  3547 
.  3649 
.3750 
.3750 
.3750 
.4155 


.6402 
.9227 
.7411 
.7488 
.7161 
.7116 
.8417 
.8374 


.9419 

.8885 
1.  0400 
1.  2000 
1. 0000 
1. 0200 
.9057 
.9065 
.8527 
.6432 
.4853 
.3504 


.3092 
.3583 
.2837 
.2863 
.2981 
.3013 
.2749 
.2877 
.3195 


$0.4660 
.4629 
.5072 
.4946 
.5178 
.5584 
.7188 
.6956 
.6945 
.7125 
.9045 
.8731 


.7345 
.7094 
.8698 
.8003 
.4830 
.4685 
.4174 
.4051 
.4002 
.2842 
.4240 
.3360 


.2946 
.3009 
.  2428 
.2562 
.3012 
.3050 
.3253 
.3315 
.3800 


$0.  4737 
.4764 
.5181 
.5052 
.5355 
.5802 
.7361 
.7124 
.7042 
.7243 
.9195 
.8831 


.7441 
.7564 
.82>6 
.7586 
.  4893 
.4840 
.4317 
.4149 
.4098 
.2939 
.4342 
.3424 


.2840 
.2923 
.2365 
.2489 
.2926 
.2955 
.  3148 
.  3186 
.3694 


'  Dutiable  at  10  per  cent  ad  valorem. 

'  Grade:  No.  20s  southern  t-arded,  single  skeins  (warp  twist).    Source:  The  Textile  World  Journal. 

'  Grade:  No.  20s,  water  twist  bundles.    Source:  The  Manchester  Guardian. 

••  Grade:  20s.    Source:  The  Japan  Cotton  Merchants'  Union  and  Weekly  Report  of  H.  Yamamoto. 


48 

DEPRECIATED   EXCHANGE    AND    INTERNATIONAL   TRADE 

Comparative  prices — Continued. 

Tarle  ()C. — Cotton  yarn,     (b) 
[Pound.] 

1 

Period. 

New 
York.i;2 

Manchester,  England. s 

Osaka,  Japan.'          ■' 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1919. 

$1.22 

1.02 

.94 

.95 

.97 

1.32 

1.62 

1.87 

1.92 

2.02 

2.05 

3.20 

3.62 
3.82 
3. 82 
3.50 
3.25 
2.57 
2.42 
2.25 
2.10 
1.50 
1.25 
.95 

.85 
.80 
.80 
.70 
.70 
.72 
.79 
.79 
.85 

SI.  86 
1.67 
1.67 

$1.82 
1.63 
1.60 

February 

April 

1.55            1.49 
1.63            1.60 
1.67             1.59 
1.79  '          1.69 
2. 01             1.  SI 





July 



AuRU.'^t 

September 

2.05 
2.05 
2.28 
2.76 

3.37 
3.80 
4.30 
4.44 
4.35 
4.22 
3.51 
3.34 
3.00 
2.82 
2.29 
1.92 

1.68 
1.50 
1.00 
1.27 
1.28 
1.20 
1.18 
1.16 
1.20 

1.77 
1.77 
1.95 
2.28 

2.64 
2.71 
3.03 
3.60 
3.44 
3.41 
2.85 
2.55 
2.19 
2.01 
1.62 
1.38 

1. 2200 
1. 1800 
.8000 
1.0300 
1.0500 
.9690 
.  8684 
.8938 
.9284 



October 

November 

December 

January . . . 

1920. 

February 

Marcli 

April 



Mav 

Julie 



July 

1, 

August 



September 

October 

November 

December 

January . . . 

1921. 

March 

$0. 6040 

.7040 

.  8848 

.9720 

1. 1278 

1. 1580 

1.3210 

SO.  5881 

.6833 

.8587 

9410 

Mav 

July 

1  0913 

August 

1  1130 

September 

1  2S40   ' 

*  Dutiable  at  20  per  cent  ad  valorem. 

«  Grade:  No.  60/2  southern  ply,  2  skeins,  combed.    Source:  The  Textile  World  Journal. 

*  Grade:  No.  60/2,  Egj^itian,  combed  plain.    Source:  The  Wool  Record  and  Textile  World. 

*  Grade:  No.  60/2.    Source:  Weekly  Report  of  H.  Yamamoto. 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL   TRADE. 

Comparative  prices — Continued. 

Table  6d. —  Worsted  yarn. 
[Pound.) 


49 


Period. 


Boston.i.» 


Bradford,  England.' 


Exchange. 


Par. 


Current. 


Current 
plus  duty. 


1914. 


1919. 


1921. 


SO.  8125 
.  8125 
.8250 
.8250 
.8375 
.8375 


2. 3700 
2.  2500 
2.1500 
2. 2000 
2.  5700 
2. 4500 
2. 6700 
3.0O00 
3. 1000 
3.2500 
3. 3000 
3.4200 


3. 6200 
3.  8200 
3.  7700 
3.9200 
3.  7200 
3. 3000 
2.8700 
2.8700 
2. 3200 
2. 1000 
2.1000 
1.  7200 


1. 4700 
1.4700 
1.  4700 
1. 3500 
1. 3700 
1.4200 
1.3500 
1.3500 
1. 3500 


S2.  52 
2.61 
2.67 
2.67 
2.67 
2.98 
3.34 


3.37 
3.40 
3.40 
3.89 
3.60 
3.60 
3.46 
2.73 
2.73 
2.55 
2.02 
1.72 


1.50 
1.39 
1.23 
1.03 
.99 
.99 
1.03 
.99 
.97 


$2.40 
2.47 
2.40 
2.30 
2.30 
2.55 
2.75 


2.64 
2.43 
2.40 
3.15 
2.84 
2.90 
2.81 
2.09 
2.00 
1.82 
1.43 
1.23 


1.09 
1.09 
.98 
.83 
.81 
.80 
.76 
.76 
.75 


«2.83 
2.91 
2.83 
2.71 
2.71 
3.01 
3.24 


3.11 
2.87 
2.83 
3.72 
3.35 
3.42 
3.31 
2.47 
2.36 
2.15 
1.69 
1.45 


1.29 
1.29 
1.15 
.98 
.95 
1.39 
1.35 
1.35 
1.33 


1  Dutiable  at  18  per  cent  ad  valorem  to  May  27,  1921;  after  that  date,  45  cents  per  pound  additional. 

'  Grade:  2-38s,  J-blood  (Bradford  system).    Source:  The  Textile  World  Journal. 

•  Grade:  2-36s,  58s  (Bradford  system).    Source:  The  Wool  Record  and  Textile  World. 

From  these  tables  it  is  seen  that  cotton  print  cloth  is  closely 
adjusted  for  New  York,  Manchester,  and  Osaka  in  all  the  years  shown 
except  the  early  part  of  1919,  when  the  American  price  had  not  yet 
responded  to  the  post-war  inflation. 

Cotton  yarns,  on  the  other  hand,  show  no  consistent  price  varia- 
tions in  the  markets  represented.  Sometimes  Manchester  and  some- 
times New  York  is  higher  with  little  or  no  indication  of  close  trading 
in  the  product.  The  causes  for  the  discrepancy,  whatever  they  may 
be,  are  probably  not  to  be  found  in  the  exchange  situation  nor  in  the 
20  per  cent  duty  imposed  by  tlie  American  tariff,  because  for  the  past 


50 


DEPRECIATED   EXCHANGE    AND   INTERNATIONAL    TRADE. 


several  months  Endish  prices  have  been  much  higher  than  our  own — 
a  situation  directly  contrary  to  the  tendencies  of  the  tariff  and 
exchange. 

It  will  be  observed  in  the  tables  showing  the  prices  of  worsted 
yarn  that  an  additional  column  has  been  added,  in  which  is  given 
the  prices  in  Bradford  converted  at  current  exchange,  to  which  is 
added  the  import  duties.  There  is  not  a  close  adjustment  of  Boston 
and  Bradford  prices  prior  to  June,  1921,  but  after  that  date  the 
prices,  duty  paid,  are  almost  identical. 

Foreign  Invoice  Prices,  1914-1921. 

Another  list  of  foreign  prices  was  obtained  from  invoices  of  imports 
through  the  New  York  customhouse  for  April,  1914,  and  April,  1921, 
with  a  view  of  comparing  prewar  and  present  prices  for  similar  '  om- 
modities.  When  practicable,  present  American  quotations  are  given 
for  comparable  goods,  but  in  some  cases  this  is  not  possible  either 
because  of  peculiarities  in  the  imported  products  or  because  of  inade- 
quate descriptions  on  foreign  invoices. 

Table  7. — Comparison  of  foreign  invoice  prices  with  American  quotations. 
CHEMICAL  PRODUCTS. 


Country. 

Foreign  invoice  prices,  April,  1921.1 

Article  and  description. 

Amoimt  of  invoices 
examined  .2 

Invoice  unit  price.' 

Umted  States 

price,  April, 

1921.1 

1914 

1921 

1914 

1921 

Germany  . 
...do 

Pounds. 
41,512 
42, 107 

Pounds. 
77,043 
52,068 
59, 182 
26,455 
26, 455 
4,480 
21,384 

32,720 

1,120 

10,320 

21,340 

1,102 

124,005 

112.110 

22, 172 

$0. 048 
.009 
.025 
.0497 

SO.  1134 
.027 
.  035 
.191 
.147 
.258 
.067 

.188 
.187 
.108 
.048 
7.80 
.015 
.073 
.125 

$0.21i-S0.23i 
.03  -    .04 

...do 

.  035-    .  037 

...do 

26, 545 

6.18-    .25 

Do 

...do.     ... 

6.16-    .18 

...do 

9,050 
3,858 

45,006 

"'23,' 249' 
441 

.0756 
.0475 

.110 

Potash,  carbonate  of,  96-98  per  cent 
(United  States,  80-85  per  cent). 

Potash,  yellow  prussiate  of 

Potash,  oxalate  of 

Potash,  bicarbonate,  U.  S.  P 

...do 

...do 

...do 

...do 

...do.     . 

. 06  -    .08 

.25-    .30 
.66-    .75 
.14  -    .15 

.050 
'.346 

. 065-    .  08 

...do 

'  1.12  -  1.40 

...do 

Nitrate  of  soda 

...do.     .  . 

.026 

...do 

. 13  -    .  135 

Tartaric  acid 

...do 

1, 654 

.238 

Do 

Italy 

5,600 
5,600 
22, 496 
636 
34,843 
38, 106 
33, 600 

129,390 

8.28 
.40 
.016 

8. 259 
.079 

8.161 

.028 
.10 

.39 

Citric  acid  (crystals) 

Crude  tartar  (71  per  cent) 

...do 

France 

13,426 

.433 

.47 
.10(30%) 
. 25  -    .30 

Potash,  vellow  prussiate  of 

...do 

Tartar  of  lime  (50.75  per  cent) 

.10(30%) 

Yellow  i)nissiateofsoda 

England . . 

.13-    .13i 

...do...... 

. 019-    .  02 

Sal  ammoniac 

...do 

/    .061-    .08 
\    .17-    .18 

'  Tabulated  from  United  States  customs  records. 

*  The  amounts  of  the  invoices  actually  examined  give  no  indication  of  total  imports  for  the  month. 

*  Converted  at  rate  of  exchange  given  on  invoice. 
■^  Oil,  Paint,  and  Drug  Reporter,  Apr.  4, 1921. 

*  February,  1921,  invoice  price  and  quotation. 

*  March,  1921,  invoice  price  and  (luotation. 
'  Price  per  100  pounds. 

*  Price  laid  down  in  New  York  ex  duty. 


DEPRECIATED  EXCHANGE   AND   INTERNATIONAL  TRADE.  51 

The  first  ttible  to  which  attention  is  called  is  for  certain  standard 
chemical  products  whose  prices  are  matched  with  quotations  in 
•American  trade  journals.  Out  of  15  products  listed  from  Germany, 
every  one  of  them,  without  exception,  showed  a  higher  price — 
usually  two  or  thi-ee  times  higher — in  1921  than  in  1914,  conversions 
bemg  made  at  current  exchange.  It  is  also  seen  that  every  German 
quotation,  with  one  exception — nitrate  of  soda — showed  a  lower 
price  than  the  corresponding  American  quotation.  The  few  recent 
quotations  from  Italy,  Spain,  and  France  are  not  sufficient  in  number 
or  scope  to  form  the  basis  of  any  far-reaching  conclusions,  but  in  the 
main  these  prices  are  not  as  far  different  from  those  of  similar  products 
in  New  York  as  the  German  quotations  are. 

It  must  be  emphasized,  however,  that  the  fact  that  German  invoice 
prices  shown  here  are  lower  than  American  prices  for  the  same 
product  does  not  necessarily  indicate  that  the  general  run  of  chem- 
icals is  cheaper  in  Germany  than  in  the  United  States,  The  very 
fact  that  the  quotations  are  from  import  invoices  presumes  that  the 
price  will  be  as  low  or  lower  than  those  in  the  United  States  for  the 
same  grade  of  products,  otherwise  the  articles  will  not  be  imported. 

In  the  second  table  is  shown  the  invoice  price  of  aluminum  ware 
imported  from  Germany  and  some  aluminum  prices  obtained  from 
private  firms  in  the  United  States. 


52 


■DEPKECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


Table  8.— Comparison  oj foreign  invoice  prices  ivith  Avurican  quotations. 
ALUMINUM  WARE. 


Article  and  description. 


Country. 


Unit  of 
quautitj'. 


Foreign  in  v  oice 
prices,  April, 
1921.1 


Invoice  unit  price.2 


1921 


United 
States 

price, 
April, 

1921.3 


Aluminum  teaspoons 

Do 

Dessert  spoons 

Tablespoons 

Do 

Basting  spoons 

Do 

Forks 

Do 

Teakettles 

Do 

Do 

Skimmers 

Do 

Water  kettles,  20  cm 

Water  kettles,  22  cm 

Water  kettles,  24  cm 

Coffee  pots,  U.  quarts 

Coffee  pots,  2  (luarts 

Convex  saucepans,  with  covers,  20  cm. . . 
Lipped  saucepans,  with  covers,  20  cm — 

BerUn  saucepans,  with  covers,  24  cm 

Convex  saucepans,  with  covers,  22  cm. . . 

Berlin  kettles  (1914),  18  cm 

Berlin  kettles,  (1914),  20  cm 

Berlin  kettles,  (1914),  24  cm 

Berlin  kettles,  (1914),  26  cm 

Rice  boilers,  14  cm 

Rice  boilers,  18  cm 

Lipped  preserving  kettles,  20  cm 

Lipped  preserving  kettles,  24  cm 

Lipped  preserving  kettles,  26  cm 

Frying  pans,  20  cm 

Frying  pans,  22  cm 

Frying  pans,  24  cm 

Milk  cans,  1  liter 

Milk  cans,  2  liters 

Outside  polished,  Sunray  finish: 

Stew  pans,  18cm 

Rice  boilers,  IS  cm 

Milk  boilers,  18  cm 

CofToe  jugs,  16  cm 

Frying  pans,  20  cm 

Ladles,  10  em 

Skimmers,  10  cm 

Dinner  carriers,  14  cm 

Kett  es,  22  em 

Teapots,  12  cm 

Tea  strainers 

Aluminum: 

Sheets,  275  pounds 

100  pounds 

Coiled  sheets 

Soft  aluminum  sheets,  18  B.  &  S.  gauge: 

590.5  bv  295.27.  102  mm 

173  by  ?;2l  inches 

Sheets,  1  by  2  meters 

Aluminum  sheets  and  plates: 

6  bv  2  feet,  18  gauge 

()  by  2  feel,  20  gauge 

6  bv  2  feet,  22  gauge 

12  by  ,3  feet,  16  gauge 

12  by  4  feet,  16  gauge 


Germany. . 

...do 

..do 

...do 

...do 

...do 

...do 

...do 

...do 

...do 

...do 

...do 

...do 

...do 

...do 

...do 

..do 

..do 

..do 

..do 

..do 

..do 

..do 

..do 

..do 

..do 

..do 

..do 

..do 

..do 

...do 

..do 

...do 

...do 

...do 

...do 

...do 


.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 

.do. 
.do. 
.do. 


England . 

...do 

...do 

...do 

...do 


.do 

.do 

.do 


Gross. . 
..do... 
..do... 
..do... 
..do... 
Dozen. 
..do... 
Gro.ss. , 
..do... 
Each.. 
..do... 
..do... 
..do... 
..do... 
..do... 
..do... 
...do... 
...do... 
..do... 
..do... 
..do... 
..do... 
..do... 
..do... 
..do... 
..do... 
..do... 
..do... 
..do... 
..do... 
..do.., 
..do... 
..do... 
..do... 
...do... 
..do.. 
...do.. 


.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 
.do. 


Pound . 
..do.... 
..do.... 


..do. 
..do. 
..do. 


.do. 
.do. 
.do. 
.do. 
.do. 


$1,495 
1.55 
2.102 
3.094 
2.428 


2.327 
3.165 

.8309 
.6549 
.7098 
.079 


.539 
.641 
.722 
.531 
.608 


.20 
.551 


.343 
.420 
.521 
.637 
.443 
.553 
.255 
.355 
.388 
.227 
.277 
.327 
.265 
.384 


.225 
.227 
.291 


$1,356 

1.515 

2.550 

2.699 

2.214 

.90 

.60 

3.15 

3.60 

.413 

.376 

.405 

.093 

.144 

.525 

.619 

.693 

.485 

.599 

.687 


.859 
.365 
.433 
.638 
.792 
.467 
.707 
.283 
.456 
.553 
.199 
.228 
.285 
.314 
.428 

.415 
.415 
.412 
.568 
.237 
.136 
.093 
.449 
1.009 
.594 
.034 

.28 
.26 
.26 


.358 
.358 
.275 
.343 
.343 


>  Tabulated  from  United  States  customs  records. 

2  Converted  at  rate  of  e.vchange  given  on  invoice. 

3  Wholesale  prices  quoted  by  an  American  manufacturer. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


53 


It  is  possible  that  the  American  ware  the  prices  of  which  are  shown 
in  this  table  is  somewhat  higher  in  quality  than  the  German  product, 
but  this  difference  probably  does  not  account  for  the  whole  difference 
in  prices.  A  more  significant  comparison  in  some  respects  is  the 
prewar  and  present  German  prices.  In  many  instances  the  quota- 
tions for  a  particular  item  are  almost  identical  in  the  two  periods. 

German  Internal  and  Export  Prices. 

A  third  table,  compiled  from  the  customs  records,  is  especially  sig- 
nificant in  relation  to  the  exchange  situation.  It  is  a  comparison  of 
German  internal  and  export  prices  of  certain  commodities,  chiefly 
earthen  and  china  ware. 

Table  9. — German  internal  and  export  ■prices,  March  and  April,  1921. 


Commodity. 

Amount 
of  invoice 
at  German 

internal 
price. 

Amount 

of  invoice 

at 

export 

price. 

Difference. 

Percentage 

,  increase 

over 

internal 

price. 

Decorated  chinaware 

Marks. 

5,111.67 

1,016.09 

954.  58 

448. 40 

263.  27 

37.57 

802. 03 

103.  77 

1,141.41 

967.50 

79,563.00 

2,784.00 

19,413.30 

12,870.11 

14,888.94 

Marks. 

6, 246. 50 

2,225.53 

1,414.16 

612. 50 

532. 50 

84.20 

1,816.32 

328. 00 

3,003.37 

1,212.70 

106,364.00 

4,617.00 

53,282.22 

16,666.32 

18,328.77 

Marks. 

1,104.83 

1,209.44 
459.  58 
164. 10 
269. 23 
46.63 

1,014.29 
224. 23 

1,861.96 

245. 20 

26,801.00 

1,833.00 
33, 868. 92 

3,796.21 

3, 439.  83 

Per  cent. 
21 

Do 

119 

Do.     .. 

4S 

Do 

37 

Do 

102 

Porcelain 

124 

Do 

126 

Earthenware 

216 

Do 

163 

Locks 

25 

Chemicals  and  laboratory  supplies 

34 

Sundries  (aluminum  ware,  pocketknives,  dolls,  etc.) 

Worsted  yarn 

66 
174 

Do 

30 

Do 

20 

Both  internal  and  export  prices  were  given  on  the  invoices,  to- 
gether with  the  rates  oi  exchange  to  be  applied  to  the  quotations. 
Therefore,  the  figures  in  the  table  represent  actual  transactions 
between  specific  firms  on  a  particular  date,  chiefly  in  April,  1921. 
Many  of  the  export  prices  run  over  100  per  cent  above  tne  internal 
quotations,  but  there  is  little  consistency  among  them.  One  ship- 
ment of  decorated  earthenware,  for  example,  may  run  20  per  cent 
over  the  domestic  price  and  another  may  be  over  200  per  cent  in 
excess.  The  whole  series  of  quotations  seem  to  indicate  that  the 
German  manufacturers  were  charging  American  purchasers  what  the 
traffic  would  bear.  This  conclusion  implies  no  condemnation  of 
German  methods,  but  the  table  shows  that  Germany  has  an  advantage 
over  foreign  competitors  in  the  chinaware  industry  because  of  depre- 
ciated exchange  alone. 

Significance  of  International  Price  Adjustments  to  a  Gold 

Basis. 

The  foregoing  presentation  of  prices  for  representative  commodities 
in  various  industries  in  different  countries  of  the  world  leads  to  the 
conclusion  that  for  standard  products  having  a  world-wide  market 
the  exchanges  have  worked  themselves  out  to  a  gold  basis  to  such  an 


54  DEPKECIATED  EXCHANGE   AND   INTERNATIONAL   TRADE. 

extent  that  international  trade  is  little  disturbed  by  price  discrepan- 
cies due  to  depreciated  exchange.  On  the  other  hand,  there  are  many 
products  more  or  less  specialized  in  character  whose  prices  are  not 
so  adjusted.  Few  of  such  products  are  included  in  these  tabulations, 
however,  because  of  the  difficulty  or  impossibility  of  obtaining 
reliable  price  quotations  upon  exactly  similar  goods.  For  this 
reason,  therefore,  the  degree  of  price  adjustment  indicated  in  these 
tables  may  be  misleading.  It  is  certain  that  there  are  a  great  many 
industries,  especially  in  central  Europe,  producing  goods  largely  for 
home  consumption  but  partly  for  export  whose  prices  are  C[uite  low 
when  converted  to  dollars  at  current  rates  of  exchange.  It  is  equally 
certain,  however,  from  the  trend  of  prices  of  the  commodities  studied 
that  the  degree  of  this  maladjustment  is  diminishing.  Partly  by 
Government  edict,  partly  by  cartel  control,  and  partly  by  private 
initiative,  foreign  buyers  of  German  goods  are  forced  to  pay,  as  time 
goes  on,  more  and  more  nearly  the  ruluig  market  price  for  their 
purchases. 

PRICE    ADJUSTMENTS    VS.    VALUE    ADJUSTMENTS. 

The  similarity  of  prices  all  over  the  world  of  standard  commodities, 
such  as  wheat,  copper,  and  cotton,  may  seem  to  remove  all  questions 
of  disturbance  to  international  trade  in  these  products,  so  far  as 
exchange  rates  are  concerned,  except  for  the  erratic  daily  fluctuations. 
Such  is  not  the  case,  however,  if  the  rates  of  exchange  and  the  internal 
purchasing  power  of  money  are  not  adjusted;  i.  e.,  if  the  two  sets  of 
rates  shown  in  Table  2  are  not  identical.  It  may,  indeed,  be  true 
that  there  are  no  special  advantages  from  exchange  to  an  American 
wool  dealer  or  wheat  broker  in  buying  their  commodities  abroad, 
but  the  American  public  will  consume  a  larger  portion  of  the  world's 
exportable  surplus  of  these  commodities  than  if  exchanges  were  at 
par,  and,  conversely,  countries  whose  exchange  is  at  a  discount  will 
take  a  smaller  portion  of  such  commodities  than  normally.  Stated 
more  exactly,  if  sterling  exchange  has  fallen  more  than  English 
prices  have  risen,  American  wheat  in  Liverpool  commands  a  larger 
quantity  of  English  goods  than  if  exchange  and  prices  moved  together. 

This  point  is  sharply  focused  by  examining  the  prices  in  England 
and  the  United  States  of  cotton,  cofi^ee,  beef,  wheat,  copper,  and  tin. 
Every  pound  of  these  products  which  England  buys  in  the  remote 
markets  of  the  world  must  be  paid  for  in  gold,  so  far  as  prices  are  con- 
cerned. No  matter  how  shrewd  her  buyers  are,  they  find  the  premium 
American  dollars  bidding  against  them  in  the  world  markets,  and 
they,  in  common  with  their  French  and  German  competitors,  must 
pay  the  same  gold  prices  as  the  American  purchasers,  no  matter  how 
depreciated  their  paper  currency  may  be.  This  situation  inevitably 
results  in  a  restriction  of  their  foreign  purchases  below  what  they 
would  be  if  their  domestic  prices  had  adjusted  themselves  to  the 
international  levels.'-'  wStated  conversely,  countries  whose  exchange 
is  at  a  premium  act  as  a  magnet,  so  to  speak,  for  commodities  of 

'  All  iuterineJiate  stasje  of  general  price  adjustments  which  may  persist  for  a  long  period  of  time  is  that 
in  whifh  the  siaiKlard  import  and  export  products  are  adjusted  to  a  gold  basis,  whereas  the  bulk  of  com- 
ino  lilies  cMlciinL'  inio  domestic  commerce  are  priced  locally  in  terms  of  paper  money.  Under  such  con- 
diiii)nsboUi  the.  i  in  n:)rial)le  and  exportable  products  are  overvalued  in  terms  of  the  average  run  of  domestic 
nro  Incts.  1 1  is  probable  that  those  conditions  prevail  al  t  he  present  time  in  J^ngland  and  France,  especially 
in  the  latter  country.  If  so,  these  countries  are  not  handicaiiiied  in  buving  American  goods  so  long  as  they 
can  pay  for  them  in  exports  which  are  priced  at  international  gold  values. 


DEPRECIATED  EXCHANGE   AND   INTEEOSrATIONAL  TRADE. 


55 


international  trade,  and  therefore  imports  are  stimulated  by  the 
maladjustment  of  international  values  even  though  international 
prices  of  particular  commodities  are  equivalent.  How  potent  this 
magnet  may  become  is  perhaps  illustrated  by  the  fact  that  in  1920 
the  United  States  imported  over  31,000,000  pounds  of  sugar  from 
Germany.^" 

In  the  case  of  many  articles,  such  as  aluminum  ware  and  pottery, 
shown  in  the  tables  above,  which  either  do  not  enter  largely  into 
international  trade  or  whose  prices  are  adjusted  slowly,  there  are  not 
only  the  general  reasons  outlined  above  for  increased  imports  to  this 
country,  but  there  are  special  reasons  in  the  form  of  differential 
profits  to  be  made  by  the  importer  because  of  the  exchange  rates. 
An  article  made  in  Germany,  for  example,  at  German  paper  cost  and 
sold  ordinarily  to  German  consumers  at  local  prices  may  offer  great 
advantages  to  the  occasional  American  buyer.  It  may  be  supposed 
that  the  number  of  such  products  is  limited  to  a  few  specialties,  but 
such  does  not  seem  to  be  the  case  in  many  countries  of  Europe. 
Relatively  few  German  products  are  so  adjusted  and  many  in  Italy 
and  France  are  out  of  line  to  a  considerable  extent.  The  reasons  for 
such  maladjustments  are  numerous,  but  lack  of  free  movement  of 
trade  accounts  for  most  of  them. 

ARTIFICIAL    CONTROL    OF    PRICES. 

Moreover,  it  does  not  always  follow  that  the  actual  economic  mal- 
adjustment is  reflected  in  the  price  quotations  because  in  many  cases 
the  prices  are  fixed  artificially.  In  some  commodities,  especially 
those  coming  from  Germany,  the  profits  on  foreign  trade  caused  by 
the  state  of  the  exchange  are  so  obvious  that  trade  combinations,  to 
take  advantage  of  them,  are  the  rule  in  many  industries.  If  German 
purchasers  are  in  combination  they  may,  and  do,  charge  what  the 
traffic  will  bear  in  each  purchasing  country;  that  is  to  say,  they  sell 
in  foreign  markets  at  foreign  price  levels  regardless  of  their  own 
domestic  prices  or  the  quotations  which  they  make  in  other  coun- 
tries. No  implication  of  reprehensible  trade  practices  is  involved  in 
this  statement  of  fact.  Indeed,  in  some  cases,  at  least,  Germany 
must  protect  her  necessities  of  life  by  this  excess  charge  for  exported 
goods.  Such  a  situation,  however,  renders  Germany  a  serious  com- 
petitor in  world  markets  because,  knowing  the  ruling  prices  in  a 
given  country  she  may  demoralize  the  trade  by  quoting  just  under 
the  standard  prices  no  matter  how  low  they  may  be  forced  down. 
In  some  cases  the  dift'erences  between  domestic  and  export  prices 
are  matters  of  record  and  a  considerable  number  of  them  are  given 
in  Table  9. 


10  To  those  who  are  familiar  with  our  recent  ba'ance  of  trade  with  Gerraany,  the  figure  of  the  magnet 
may  seem  inappropriate.    Our  exports  to  that  country  far  exceed  our  imports,  as  the  following  table  shows: 

Fiscal  year  ending  June  SO. 


United  States  imports  from  Germany 
United  States  exports  to  Germany... 


«168, 805, 137 
249,555,926 


1914 


$189, 919, 136 
344,794,276 


1919 


$944, 981 
8, 818, 882 


$45,085,975 
202,176,079 


1921 


$90,773,014 
381,771,609 


The  exchange  situation  is  only  one  of  many  forces  determining  international  trade,  and  in  this  case  the 
dire  need  of  Germany  for  goods,  especially  for  basic  raw  materials,  far  outweighs  the  adverse  exchanges. 


56 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE, 


Wages  and  Rates  of  Exchange. 

Closely  related  to  international  price  studies  are  the  prevailing 
rates  of  wages  within  countries  whose  exchanges  are  disturbed.  In 
general,  the  purchasing  power  of  a  given  money  should  be  reckoned 
in  terms  of  labor  as  well  as  commodities,  because  funds  devoted  to 
wage  payments  are  almost  of  equal  volume  to  those  used  in  the  pur- 
chase of  commodities.  Moreover,  wage  rates  may  be  more  disturbing 
to  international  trade  when  exchanges  are  maladjusted  than  commod- 
ity prices  because  wages  are  adjusted  much  more  slowly  to  international 
conditions  than  prices.  The  quotations  for  wheat,  copper,  and 
wool  flash  all  over  the  world,  and  any  discrepancies  are  quickly 
adjusted  by  alert  brokers,  but  wage  rates  shift  slowly,  and  often  it 
is  a  matter  of  years  before  they  return  to  normal  after  a  period  of 
disturbance.  For  this  reason  the  price  of  a  given  product  may  be 
adjusted  to  a  gold  basis  in  the  markets  of  the  world,  but  producers 
of  it  in  countries  whose  exchanges  are  at  a  discount  may  have  a 
competitive  advantage  because  of  the  low  wages  paid  as  compared 
with  the  international  value  of  the  article.  German  chemicals,  for 
example,  will  sell  at  world  prices,  but  the  wages  paid  to  the  laborers 
who  make  them  will  be  based  on  the  prevailing  domestic  rates,  which 
may  or  may  not  be  adjusted  to  a  gold  basis.  Whether  in  fact  they 
are  so  adjusted  will  be  discussed  in  connection  with  the  wage  tables 
below.  *^ 

A    COMPARISON    OF    WAGES    IN    THE    UNITED    STATES,    GREAT    BRITAIN, 

AND    GERMANY. 

Table  10a. — Building  industry. 
[Rate  per  hour  as  of  May,  1921.] 


Occupation. 


United 
States  .a 


Great 
Britain.  6 


At  current 
exchange. 


Germany. c 


At  current 
exchange. 


Equivalent 

purchasing 

power. d 


Equivalent 
in  cost  of 
living,  e 


Carpenters 

Masons 

Laborers 

Plasterers 

Bricklayers 

Marble  setters 

Lathers 

Painters 

Plasterer  tenders.  . . . 
Steam  fitters'  helpers 
Stonecutters 


$1.03 
1.10 
.57 
1.16 
1.18 
1.06 
1.10 
.99 
.76 
.71 
1.05 


$0. 098 
.099 
.080 
.097 
.099 
.099 
.097 
.097 
.084 
.084 


.163 
.164 
.132 
.161 
.164 
.164 
.161 
.161 
,139 
.139 
,164 


$0.  221 
.223. 
.179 
.218. 
.223 
.223 
.218 
.218 
.189 
.189 
.223 


a  Monthly  Labor  Review. 
b  The  Labour  Gazette  (British). 

c  German  basic  wages  reported  by  Statistishcher  Reichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  amplication  of  Iho  wage  index  inimber  published  by  the  Frankfurter  Zeitung  for  the  Frankfurt  district. 
d  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices, 
e  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  States  and  Germany. 

"  This  spsoial  a  Ivantage  of  German  mainifaclurcrs  who  sell  tlicir  wares  for  gold  or  its  equiva'ent  in  tho 
world  markets  and  pay  wages  in  German  paper  need  not  necessarilv  result,  in  price  cutting  bv  them.  They 
may  choose  to  reap  the  benefits  of  high  profits  on  a  limited  outpul  rather  than  demora'izc "their  markets. 
If  a  given  market  is  broad  and  Germany  contributes  a  relatively  small  proportion  of  the  total  supplv,  the 
world  price  may  ho'd  up  indefinitely  to  a  level  which  permits  of  a  flourishing  industry  in  several  countries 
whose  costs  are  widely  diverse. 


DEPRECIATED   EXCHANGE    AND   INTERNATIONAL    TRADE. 


57 


Table  10b. — Woolen  and  rvorsted  industry. 
[Rate  per  hour  as  of  May,  1921.] 


Occupation. 


Weavers 

Dyehouse  workers 
Spinners  (frame) . . 
Spinners  (mule). . 
Other  employees.. 

Card  tenders". 

Comb  tenders. . . .. 
Twister  tenders  f. . 
Spool  tenders  «. . . , 


United 
States.i 


Great 
Britain.2 


At  current 
exchange. 


$0,646 
.451 
.446 
.6.53 
.464 
.411 
.442 
.366 
.367 


SO.  294 


.313 
.328 
.325 


Germany  .3 


At  current 
exchange. 


.092 
.081 


.081 
.075 
.075 
.063 
.063 


Equivalent 

purchasing 

power.* 


$0.  ira 

.134 

.150 

.135 
.124 
.124 
.105 
.105 


Equivalent 
in  cost  of 
Uvlng.s 


$0,206 
.182 

.203 

.180 
.169 
.169 
.142 
.142 


1  Monthly  Labor  Review. 

2  The  Labour  Gazette  (British). 

3  German  basic  wages  reported  by  Statistischer  Reichsamt  for  February,  1920,  readjusted  to  May,  1921 
by  applicatioTi  of  the  wage  uidex  number  published  by  the  Frankfinter  Zeitung  for  the  Frankfurt  district. 

<  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices. 

5  Equivalent  purchasing  power  based  on  relative  costs  of  Uving  in  United  States  and  Germany. 

6  Females. 

Table  10c. —  Transportation. 
[Rate  per  hour  as  of  May,  1921.] 


United 
States.i 

Great 
Britain  .2 

At  current 
exchange. 

Germany.' 

Occupation. 

At  current 
exchange. 

Equivalent 

purchasuig 

power.* 

Equivalent 
in  cost  of 
living.^ 

Gang  foremen 

$0.96 
.80 
.78 
.71 
.44 
.74 
.37 

1.10 
.83 

1.29 
.99 
.77 
.92 
.73 

1.09 
.80 
.49 

1.05 

1.09 
.79 
.83 
.72 
.58 
.52 
.50 
.52 
.&5 
.41 

$0. 279 

Machinists...  . 

$0,099 

$0,163 

$0,222 

Blacksmiths 

Painters 

.295 
.266 
.277 
.267 
.388 
.299 
.425 
.321 
.304 
.326 
.372 
.372 
.272 
.275 
.368 
.363 
.375 
.437 

Unskilled  laborers 

Skilled  laborers 

.099 
.095 

.165 
.158 

.224 

Section  men 

.215 

Freight  engineers 

Freight  firemen 

Passenger  engineers... 

Pas,senger  firemen 

Car  repairers 

Freight  conductors 

1 

Freight  brakemen  and  flagmen 

Passenger  conductors 

.088 

.147 

.199 

Passenger  brakemen  and  flagmen 

Engine-house  men 

.113 

.188 

.255 

Train  dispatchers 

Yardmasters 

.'699" 

'.m 

Engineers  (tugs) 

.222 

Captains  or  pilots 

Ship's  officers 

.088 
.079 
.076 
.075 
.075 
.109 
.076 

.145 
.132 
.126 
.125 
.125 
.181 
.127 

.198 

Firemen  and  oilers 

.323 
.323 

.175 

Deckhands 

.171 

Bargemen 

.169 

Deck  hands,  lighters... 

.169 

Carpenters 

.246 

Porters 

.172 

1  Monthly  Labor  Review  and  data  of  Interstate  Commerce  Commission  and  Bureau  of  Railway  Eco- 
nomics, first  quarter,  1921. 

»  The  Labour  Gazette  (British)  and  data  of  Bureau  of  Railway  Economics  (United  States),  first  half, 
1921. 

3  German  basic  wages  reported  liy  Slat  islisrhor  R(>ichsanil  for  Kol  ruary,  1!>20,  readjusted  lo  Mav,  1921, 
by  application  of  the  wage  index  ni'iinlicr  ])ulilish(Mi  \,y  the  Frankfurter  Zcilinig  for  ihc  Irankfurt  district. 

*  Equivalent  pun^hasing  power  based  on  Mnilcd  Sialos  and  (icrnian  wholesale  price  indices. 

6  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  States  and  Germany. 


68  DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 

Table  IOd. — Coal-mining  industry. 
[Rate  per  hour  as  of  May,  1921.] 


Occupation. 


Mine  examiners 

Tracklayers , 

Tr;vcklayers'  helpers 

Botiomcagers 

Drivers , 

Trip  riders  and  grippers 

Water  and  machine  haulers. 

Tirabermen 

Pipemen 

All  other  inside  day  laborers 

Firemen  and  stokers 

Surface  workers  (minimum). 

Sinkers 

Shift  leaders 


United 
States.i 


$1.00 
.94 
.91 
.94 
.94 
.94 
.94 
.94 
.93 
.91 
.91 
.86 
1.00 
1.05 


Germany.2 


At  current 
exchange. 


$0,105 


.108 
.140 


Equivalent 

purchasing 

power.3 


$0. 181 


.280 
.231 


Equivalent 
in  cost  of 
living.* 


$0,245 


.243 
.314 


1  Monthly  Labor  Review.    Rate  effective  Aug.  16,  1920. 

2  German  basic  wages  reported  by  Statistischer  Reichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  application  of  the  wage  index  number  published  by  the  PVankfurter  Zeitiuig  for  the  Frankfurt  district. 

3  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices. 
<  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  States  and  German 


iermany. 


Table  IOe. — Chemical  industry. 
[Rate  per  hour  as  of  May,  1921.] 


United 
States.i 

Great 
Britain.' 

Germany.' 

Occupation. 

At  currant 
exchange. 

At  cm-rent 
exchange. 

Equivalent 

pmchasing 

power.< 

Equivalent 
in  cost  of 
living.* 

Laborers: 

Male 

$0,390 
.272 

.674 
.557 

.500 
.683 
.544 

$0,271 
.172 

$0,094 
.053 

.097 
.096 

$0. 155 
.088 

.168 
.159 

$0. 21 1 

Female 

.120 

Foremen: 

Chemical  operators 

.228 

Mechanical  operator 

. 

.216 

Process  men: 

Assistants 

Primarv 

.312 

.094 

.155 

.211 

Secondary 

I  Monthly  Labor  Review  for  May,  1920. 

*  Ministry  of  Labor,  "Rates  and  Hoiu-s  of  Wages,"  December,  1920.    Amended  by  the  Labour  Gazette 
May,  1921. 

»  German  basic  wages  reported  by  Statistischer  Reichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  application  of  the  wage  index  number  published  by  the  Frankfurter  Zeitung  for  the  Frankfurt  district. 

*  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices. 

'  Equivalent  ptirchasing  power  based  on  relative  costs  of  living  in  United  States  and  Germany. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


59 


Table  10f.~ Metallurgical  industry. 
[Rate  per  hour  as  of  May,  1921.] 


United 
States.i 

Great 
Britain  .2 

Germany.' 

Occupation. 

At  current 
exchange. 

At  current 
exchange. 

Equivalent 

purchasing 

power.* 

Equivalent 
in  cost  of 
living.5 

$0,880 
.400 
.330 
.600 
.550 
.780 
.650 
.800 
.800 
.800 
.500 
.550 
.830 
.5.50 
.880 

$0,400 
.3.50 
.270 
.200 
.370 
.458 
..370 
.458 
.479 
.468 
.340 
.334 
.413 
.354 
.355 

$0,109 
.090 
.087 
.098 
.099 
.098 
.107 
.097 
.104 
.105 
.090 
.116 
.097 
.105 
.096 

$0,182 
.150 
.145 
.162 
.165 
.163 
.179 
.160 
.174 
.177 
.150 
.192 
.161 
.165 
.159 

$0,246 

.203 

.197 

Stamped  or  pressed  metal  workers 

.220 
.230 

.221 

Millers...          

.242 

.228 

.236 

.239 

.203 

.261 

.218 

.224 

.215 

1  Average  estimate  by  experts  of  the  Tariff  Commission  of  wages  paid  in  the  chief  commercial  districts  in 
the  metallurgical  industry. 

2  The  Labour  Ga7,ette  (British"). 

'  German  basic  wages  reported  by  Statistischer  Reichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  application  of  the  wage  index  number  published  by  the  Frankfurter  Zeitung  for  the  Frankfurt  district. 
*  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices. 
5  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  States  and  Germany. 

Table  11. — Foreign  wages  compiled  from  private  sources  of  information,  January- July, 

1921. 


Industry. 

France- 
conversions 
made  at 
$0,074  per 
franc. 

Italy- 
conversions 
made  at 
$0,042  per 
lire. 

Chemical: 

$0,111 
.130 
.1.57 
.150 
.  130 
.143 

$n 

.121 

Do                                                                                                       

Do 

..089 

Do                                                                                                      

Do         .                                                                    

.063 

Do 

.084 

.084 

Do                                                                                   

.139 
.  1(!7 
.173 
.157 
.305 

.105 

Do...       .                                  ,         

.147 

Do 

.112 

Do                                                                                           

Do                                                                                                         

.167 

Do 

.231 

.444 
.  694 
.207 

.210 

Do                                                                                                                 

Do                                                                                                        

Do                                                                                        

Research  chemist                                                    

.167 

Do 

.370 
.781 
.  185 
.315 
.:i70 

.210 

Do                                                                                          

Do 

Do                                                                                          

.210 

Do 

.  263 

.222 
.259 
.223 
.255 
.200 
.255 
.200 
.229 
.160 
.175 
.139 
.201 
.134 
.175 
.185 
.278 

.148 
.148 
.185 
.222 
.259 

Do                    

Do                                                                                      

Do .             

Do      .     .                                                

Do                                                                                 

Do 

Do .                     

Do                                                           

Corn  products,  refining: 

Do                                                                                   

Do 

60  DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 

The  outstanding  feature  of  the  preceding  tables  is  the  varia- 
tion in  wages  in  the  United  States  by  industries  and  processes  in 
the  same  industry  as  compared  with  a  relatively  constant  rate 
for  all  employees  in  Germany.  The  wages  in  the  building  trade, 
for  example,  run  close  to  SI  an  hour  in  the  United  States,  a 
little  less  than  40  cents  in  Great  Britain  and  almost  exactly  10  cents 
an  hour  at  current  rates  of  exchange  in  Germany.  The  wages, 
based  on  equivalent  purchasing  power  in  terms  of  wholesale  prices 
in  Germany,  are  something  more  than  50  per  cent  higher  than  at 
current  exchange  and  "real"  wages;  namely,  the  wages  in  terms  of 
cost  of  living  are  over  100  per  cent  higher  than  the  earnings  based 
on  current  exchange.  Some  discussion  of  the  fundamental  difference 
in  these  various  wage  calculations  for  Germany  will  be  given  in  the 
proper  place  below. 

In  the  wool  and  worsted  industry  American  wages  are  less  than  half 
those  in  the  building  trade — 40  to  50  cents  in  the  former  case  as 
compared  with  over  a  dollar  in  the  latter.  The  few  English  quota- 
tions available  run  around  30  cents  per  hour.  The  German  textile 
wages  are  slightly  less  than  in  the  building  trades — about  8  cents  per 
hour  at  current  exchange  and  16  to  18  cents  in  terms  of  the  cost  of 
living.  The  comparative  wages  in  transportation  and  mining  as 
between  the  United  States  and  Germany  show"  roughly  the  same 
difference  as  in  the  other  industries.  German  wages  are  practically 
constant  at  8  to  10  cents  an  hour  and  American  rates  around  50 
cents  to  $1  per  hour. 

The  comparative  wages  in  the  chemical  and  metallurgical  industries 
are  especially  significant.  The  standard  wage  in  the  United  States 
seems  to  be  from  50  to  75  cents  per  hour  and  from  30  to  45  cents  per 
hour  in  England.  Germany,  on  the  other  hand,  shows  a  rate  averag- 
ing about  10  cents  per  hour  at  current  exchange,  about  18  cents  per 
hour  in  terms  of  the  purchasing  power  over  commodities  at  whole- 
sale, and  from  20  to  25  cents  per  hour  in  terms  of  the  cost  of  living. 
Inasmuch  as  many  chemical  products  in  Germany  are  competing 
directly  with  similar  ones  produced  in  England  and  the  United  States, 
the  wage  rate  at  10  cents  per  hour  at  current  exchange  becomes  an 
important  factor. 

In  addition  to  wages  from  official  sources,  some  rates  were  obtained 
from  private  firms  in  the  United  States  having  a  knowledge  of  foreign 
conditions.  The  data  thus  obtained  are  shown  in  Table  11.  The 
rates  in  France  at  current  exchange  are  seen  to  be  anywhere  from 
15  to  25  cents  per  hour  for  ordinary  labor.  This  rate  is  about  half- 
way between  the  wages  for  similar  occupations  in  Germany  and  in 
England  and  less  than  half  the  rates  in  the  United  States. 

SIGNIFICANCE    OF   WAGE    COMPARISONS. 

So  much  for  the  bare  facts  given  in  the  tables.  Greater  care  must 
be  exercised  in  drawing  conclusions  from  them,  however,  than  from 
the  tables  of  comparative  prices.  The  price  tables  may  be  taken  at 
their  face  value,  so  to  speak,  but  wage  comparisons  involve  so  many 
unsettled  questions  that  close  attention  to  the  assumptions  on 
which  they  are  based  is  necessary  if  sound  conclusions  are  reached. 
In  the  first  place  there  is  no  indication  in  these  tables  of  the  pro- 
ductivity of  labor  in  the  different  countries.     Not  all  of  the  differ- 


DEPRECIATED  EXCHANGE   AND   INTERNATIONAL   TRADE.  61 

ences  in  wage  rates  among  countries  shown  in  the  table  are  due  to 
the  exchange  situation,  but  many  of  them  are  due  to  the  difference 
in  output  per  man  under  the  various  social  and  economic  condi- 
tions under  which  the  labor  is  performed.  It  is  a  commonplace 
that  although  the  per  diem  wages  may  be  higher  in  the  United  States 
than  in  Europe  the  more  favorable  condition  with  respect  to  nutri- 
tion, equipment,  and  natural  resources  under  which  American 
laborers  work  in  many  industries  may  render  unit  costs  lower  in  this 
country  than  abroad.  This  problem  constitutes  a  separate  inquiry, 
however,  and  it  is  left  out  of  consideration  for  present  purposes. 

Another  phase  of  the  international  wage  question  which  causes 
considerable  difficulty  is  that  of  the  rate  of  exchange  which  should 
be  used  in  the  conversion  to  American  money  of  the  paper  wages 
paid  in  the  various  countries.  To  the  superficial  observer  the 
current  rate  of  exchange  seems  to  be  taken  for  granted  as  the  proper 
rate;  that  is  to  say,  if  coal  miners  in  Germany  are  getting  60  marks 
per  day  and  the  mark  is  worth  1^  cents  in  New  York  the  wages 
are  said  to  be  90  cents  in  American  money.  On  the  other  hand, 
those  who  are  more  familiar  with  the  German  industrial  situation 
object  to  such  a  conversion  rate  and  advocate  instead  a  rate  which 
will  indicate  more  nearly  the  true  purchasing  power  of  German 
wages.  If,  for  example,  the  mark  has  depreciated  18  times  in 
terms  of  dollar  exchange  and  the  cost  of  living  has  increased  but 
10  or  12  times,  the  true  purchasing  power  of  the  mark  would  be 
equivalent  to  considerably  more  than  the  exchange  rate.  More 
exact  calculations  of  the  probable  purchasing  power  of  wages  are 
indicated  in  the  tables  above.  In  these  tables  three  rates  are  used 
for  converting  German  paper  wages  into  American  money — first, 
the  ordinary  exchange  rates  as  quoted  in  New  York;  second,  a  rate 
based  upon  relative  wholesale  prices  in  Germany  and  in  the  United 
States;  and  third,  a  rate  based  upon  the  cost  of  living  for  an  ordinary 
family  in  the  two  countries.  The  determination  of  the  rates  in  the 
last  two  cases  may  be  illustrated  as  follows :  The  index  number  ^' 
of  wholesale  prices  in  Germany  for  May,  1921 — 1,429 — divided 
into  the  index  for  the  United  States  ^^ — ^151 — gives  a  ratio  of  10.57 
per  cent.  This  percentage  applied  to  the  par  of  exchange — 23.82 
cents — gives  a  purchasing  power  parity  of  2.517  cents  as  compared 
with  the  dollar  exchange  for  the  period  of  only  1.51  cents.  If  we 
apply  this  parity  of  2.517  cents  to  a  German  wage  of  60  marks  per 
day,  we  obtain  a  commodity  wage  of  $1.51  as  against  an  apparent 
wage  of  90  cents  per  day.  Similarly,  if  we  divide  the  German  index 
for  the  cost  of  living"  in  May,  1921 — 990 — into  a  similar  index  for  the 
United  States  ^^ — 142 — we  obtain  a  percentage  of  14.53.  This  figure 
applied  to  the  par  of  exchange  brings  the  purchasing  power  of  the 
mark  in  terms  of  a  family  budget  up  to  3.41  cents. 


"  Frankfurter  Zeitung,  77  commodities. 

w  In  calculating  the  wholesale  purchasing  power  of  German  wages  in  terms  of  dollars  the  index  numbors 
compiled  by  the  United  States  Department  of  Labor  are  used  instead  of  the  Federal  Reserve  indices  (used 
in  Tables  'ia,  2b,  and  2e),  because  in  the  number  and  kind  of  constituent  commodities  the  former  index 
is  better  suited  to  this  comiiarison  than  (ho  latter. 

i<  Cost  of  living  in  BerUn  of  family  of  four  by  Dr.  R.  R.  Kuczynski,  of  the  statistical  office  at  Berlin- 
Schoneberg. 

1^  Constructed  by  the  United  States  Bureau  of  Labor  Statistics.  Both  German  and  .Vraerican  indices 
given  in  Federal  Reserve  Bulletin,  July,  1921,  p.  847. 

599—21 5 


62 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


It  must  be  emphasized,  however,  that  this  last  statement  is  not 
actually  equivalent  to  saying  that  a  worker  in  Germany  getting  60 
marks  per  day  can  buy  the  same  amount  of  necessities  of  life  as  an 
American  worker  getting  $2  per  day  (GO  m.  X3.41  cents).  The  error 
in  such  a  statement  lies  in  the  difference  in  retail  prices  in  Germany 
and  in  the  United  States  for  1914,  the  base  year  for  the  index.  The 
whole  calculation  rests  on  the  premises  that  prices  in  both  countries 
were  100  per  cent  in  1914,  but  no  assumption  whatever  is  made  as 
to  actual  prices  in  the  tw^o  countries.  If,  for  example,  retail  prices 
in  Germany  in  1914  were  only  half  those  in  the  United  States  for 
similar  articles,  then  the  actual  purchasing  power  of  the  mark  as 
here  calculated  (nearly  3.41  cents)  would  be  doubled.  If,  on  the 
other  hand,  prices  of  necessities  were  higher  in  Germany  in  1914  than 
in  the  United  States,  the  assumed  purchasing  power  of  the  mark  at 
present  is  too  high.  In  this  connection  reference  is  made  to  the  simi- 
larity, on  the  average,  of  the  prewar  wholesale  prices  for  37  commodi- 
ties in  the  United  States  and  Germany  shown  in  Table  1  of  the  text.^^ 

It  will  be  observed  in  the  preceding  calculation  that  the  indices  for 
the  cost  of  living  and  the  wholesale  prices  in  May,  1921,  are  much 
farther  apart  in  Germany  than  in  the  United  States — 990  against 
1,428  in  Germany  and  142  against  151  in  this  country.  The  dis- 
crepancy in  Germany  is  due  chiefly  to  two  causes — low  rents  and 
food  subsidies.  Because  of  governmental  control,  rents  are  only  50 
to  60  per  cent  higher  than  they  were  in  1914,  an  item  which  holds 
down  the  indices  for  the  cost  of  living  to  a  great  extent.  The  food 
subsidies  take  the  form  of  Government  purchases,  largely  of  imported 
commodities,  at  the  world  market  price  and  their  resale  to  consumers 
at  a  substantially  lower  figure.  During  the  current  year  (1921)  the 
food  subsidies  in  Germany  will  be  limited  practically  to  breadstuffs, 
but  for  the  year  ending  March  31,  1921,  there  were  heavy  subsidies 
of  breadstuffs,  meats,  cooking  fats,  and  potatoes.     The  exact  amount 

'6  Some  evidence  of  the  fact  that  Gorman  laborers  were  fairly  well  paid  in  terms  of  consimiable  goods  in 
1920  is  shown  by  the  foUowmg  comparison  of  waees  in  the  chemical  industry  and  the  cost  of  living  in 
1914  and  1020: 

Wages  in  the  German  chemical  industry  and  the  minimum  cost  of  living,  489  establishments. 

[Quoted  from  Statistische  Reichsamt  by  Consul  Maurice  Parmeleo  in  special  report  to  the  United  States 
Bureau  of  Foreign  and  Domestic  Commerce  under  date  of  May  22,  1921.] 


Skilled  workers. 

Unskilled  workers. 

1914 

1920 

1914 

1920 

• 

Cost 

of 

living." 

Wages. 

Cost 

of 

living.o 

Wages. 

Cost 

of 

living.o 

Wages. 

Cost 

of 

living.a 

Wages. 

Unmarried  men 

100 
100 
100 
100 

232 

174 
162 
135 

100 

100 
100 
100 

188 
131 
113 
103 

100 
100 
100 
100 

161 
121 
106 
94 

100 
100 

100 
100 

175 

Married  couple 

122 

Married  couple  with  1  child 

107 

Married  couple  with  2  children 

97 

a  Includes  food,  fuel,  light,  and  rent  only. 

In  commenting  on  this  table  Mr.  Parmelee  says: 

"These  figures  illustrate  very  pointedly  that,  while  skilled  workers  in  this  industry  were  apparently 
not  so  well  rcmiiiicratod  in  1920  as  in  1911  in  proportion  to  the  cost  of  living,  the  unskilled  workers  were 
better  remunerated  in  1920  than  in  1914  in  proportion  to  the  cost  of  living.  In  fact,  by  the  year  1920  the 
unskilled  workers  had  attained  almost  as  high  a  Icel  of  remuneration  as  the  skilltd  workers." 


DEPRECIATED   EXCHANGE   AND  INTERNATIONAL   TRADE.  63 

paid  for  these  subsidies  is  not  known,  but  the  emergency  budget  for 
1920-21  included  an  item  of  3,000,000,000  paper  marks  for  this  pur- 
pose. The  previous  year  the  sum  of  7,750,000,000  marks  went  into 
subsidies,  but  it  is  expected  that  the  current  year  will  see  a  substan- 
tial reduction  of  the  item  over  last  year.^^ 

It  is  evident  that  from  the  point  of  view  of  international  competi- 
tion these  food  subsidies  are  a  mixed  ))lessing  to  Germany.  To  the 
extent  that  relatively  cheap  food  enables  German  employers  to  hold 
down  wages,  there  is  an  advantage  obtained  by  German  manufac- 
turers in  their  competition  in  the  world  markets.  On  the  other  hand, 
the  actual  cost  of  the  food  must  be  paid  by  the  German  community 
as  a  whole,  whether  the  individual  or  the  Government  pays  the  price 
in  the  first  instance.  Special  industries  and  special  classes  of  the 
population  may  enjo}'  differential  advantages  because  of  the  sub- 
sidies, but  for  the  most  part  the  practice  is  merely  robbing  Peter  to 
pay  Paul. 

Having  applied  three  conversion  rates  to  German  paper  wages  in 
these  tables,  the  cjuestion  arises  as  to  which  rate  should  be  used  for 
particular  purposes.  In  general,  the  three  rates  are  properly  applied, 
respectively,  to  three  distinct  problems.  If  an  industry  is  directly 
competing  in  the  American  market  and  producing  goods  almost 
exclusively  for  export,  the  dollar  rate  of  exchange  should  be  used  in 
converting  the  foreign  cost  of  producing  instead  of  the  higher  parity 
rate.  If  it  be  admitted  that  current  rates  should  be  used  in  con- 
verting the  prices  of  direct  purchases,  it  seems  obvious,  if  the  true 
competitive  position  of  the  foreign  producer  is  determined,  that  the 
same  rate  should  apply  to  the  cost  of  producing  goods  manufactured 
solely  for  export.  If  goods  are  sold  for  dollars  and  paid  for  in  paper 
marks,  it  is  a  matter  of  indifference,  so  far  as  the  rate  of  exchange  is 
concerned,  whether  they  were  bought  directly  or  indirectly  through 
wa^e  payments. 

On  the  other  hand,  in  comparing  the  industrial  situation  in  Ger- 
many and  the  United  ^States  with  respect  to  the  relation  of  wages 
and  other  costs  of  production  a  conversion  rate  based  on  the  general 
purchasing  power  of  money  in  each  country  should  be  used.  The 
commodity  equivalent  of  wages  is  important  in  determining  the 
drift  to  or  from  large-scale  production  involving  great  ciuantities  of 
raw  materials  and  heavy  outlays  for  machinery  and  equipment.  In 
general,  the  low  wages  in  Germany  as  compared  v/ith  commodity 
prices,  especially  of  imported  materials  and  e(piipment,  tend  to  dis- 
courage large-scale  production  there  and  to  shift  the  industrial  activi- 
ties toward  the  industries  in  which  labor  is  the  predominant  element 
of  cost;  that  is  to  say,  Germany  may  best  profit  in  world  trade  by 
selling  her  labor  in  the  form  of  highly  wrought  goods,  such  as  optical 
instruments,  toys,  and  complex  chemical,  metallurgical,  and  textile 
products. 

If  the  third  problem  in  relation  to  wages  is  considered,  namely, 
their  equivalent  in  the  necessities  of  life,  a  conversion  rate  based  on 
the  cost  of  living  in  Germany  as  compared  with  the  United  States 
is  the  proper  hgure.  Not  only  is  this  true  when  the  pro1)able  physical 
condition  of  labor  due  to  proper  nourishment  is  the  point  at  issue. 

>'  Special  report  of  Howard  W.  Adams  to  United  States  Bureau  of  Foreign  and  Domestic  Commerce, 
May  31, 1921. 


64  DEPRKCIATED    EXCHANGE    AND   INTERNATIONAL    TRADE. 

but  also  it  is  the  proper  rate  when  the  ''real"  cost  of  labor  to  the 
German  community  is  sought;  that  is  to  say,  the  relative  amounts 
of  food,  clothing,  and  shelter  which  labor  is  able  to  exact  from  a 
community  for  its  service  is  the  actual  wage  and  the  true  measure  of 
the  cost  of  production.  Some  manufacturers  producing  goods  for 
export  may  be  able  to  compete  temporarily  in  foreign  markets 
because  of  low  exchange  rates  alone,  but,  in  general,  the  competitive 
position  of  Germany  in  world  trade  will  be  determined,  so  far  as 
wages  are  concerned,  by  the  commodity  equivalent  of  wage  payments. 

The  Exchange  Problem  and  the  Tariff. 

A  fundamental  assumption  in  the  foregoing  discussion  runs  to  the 
effect  that  when  the  purchasing  power  of  a  given  money  becomes  the 
same  at  home  and  abroad  the  exchange  problem  for  the  particular 
country  is  solved  for  the  average  run  of  commodities.  There  are 
many  qualifying  circumstances  affecting  this  rule,  an  important  one 
of  wliich  is  the  fact  that  the  index  numbers  used  to  measure  the 
purchasing  power  of  money  at  home  and  abroad  are  often  inade- 
quate, but  in  general  the  doctrine  is  sound. 

If  the  foregoing  proposition  is  accepted,  a  glance  at  Tables  2a  and 
2b  shows  that  the  American  tariff  problem  with  respect  to  England 
and  France,  so  far  as  the  exchange  situation  alone  is  concerned,  has 
largely  been  eliminated  by  the  adjustment  to  an  approximate  equality 
of  the  external  and  internal  purchasing  power  of  the  moneys  of  each 
country  with  respect  to  the  commodities  whose  prices  are  included 
in  the  index  number  used  in  the  comparisons.  The  ratios  of  whole- 
sale prices  in  each  of  these  countries  to  American  prices  were  almost 
equal  during  1921  to  the  rate  of  exchange  for  sterling  and  franc  bills; 
that  is  to  say,  on  the  average  the  American  purchaser  buying  these 
goods  in  either  country  would  have  to  pay  a  paper  price  sufficiently 
high  to  offset  the  low  rates  of  exchange. 

In  the  case  of  Germany,  however,  the  internal  and  external  pur- 
chasing power  of  the  mark  has  not  been  equalized  and  there  is  a 
premium  on  exports  from  that  country  to  the  United  States  to  the 
extent  that  the  price  ratios  exceed  exchange  rates.  This  excess  is 
about  97  per  cent,  according  to  Table  2c  (the  current  exchange  is 
SO. 0097  and  the  purchasing  power  parity  is  SO. 01 91  in  September, 
1921).  Stated  in  other  terms,  this  discrepancy  means  that,  on  the 
average,  aside  from  artificial  restraints  of  trade,  an  American  im- 
porter can  buy  in  Germany  for  $1  goods  worth  about  $2  in  this  coun- 
try. It  should  be  borne  in  mind  that  this  statement  applies  only  to 
American  and  German  prices  as  measured  by  index  numbers.  Par- 
ticular commodties  may  or  may  not  show  such  discrepancies. 
Furthermore,  the  question  of  physical  and  political  barriers  against 
trade  are  important.  Not  only  is  there  a  scarcity  in  Germany  of  many 
articles  of  commerce,  but  the  export  prices  for  many  commodities 
are  higher  than  the  ruling  domestic  price  and  some  exports  are  pro- 
hibited altogether. 

The  tariff  problem  as  affected  by  the  exchange  situation  is  brought 
into  sharper  focus  by  the  price  comparisons  of  particular  commod- 
ities. As  a  rule  the  gold  prices  for  standard  articles  are  about  the 
same  the  world  over.  More  exceptions  are  found  in  German  mar- 
kets than  elsewhere,  but  even  there  the  adjustment  has  largely  been 


DEPRECIATED    EXCHANGE    AND    IXTERN ATIONAL    TRADE.  65 

made  in  the  absence  of  artificial  restraints  of  trade.  For  commod- 
ities in  which  the  gold  price  adjustment  has  taken  place  there  are  no 
special  profits  to  be  made  in  international  dealings  because  of  the 
exchange  rates;  therefore  special  duties  to  offset  the  exchange  are 
largely  unnecessary.  It  is  erroneous  to  suppose,  however,  that  off- 
setting duties  would  be  entirely  inoperative  even  where  the  price 
adjustment  has  taken  place,  because  in  some  cases,  especially  in  Ger- 
many, the  magnet  of  premium  money  in  other  countries  is  so  strong 
that  the  domestic  supply  of  German  commodities  is  skimped  to  sup- 
ply the  foreign  demand. ^^ 

The  relation  between  foreign  wages  and  international  exchange  is 
also  closely  connected  with  the  tariff  problem.  Even  after  inter- 
national prices  for  standard  articles  have  adjusted  themselves,  it  may 
be  true  that  wages  are  seriously  maladjusted  with  respect  to  inter- 
national values.  In  the  long  run  the  purchasing  power  of  money  in 
terms  of  labor  will  adjust  itself  to  a  normal  gold  basis,  but  the  change 
will  be  slow  because  of  the  immobility  of  labor  and  the  social  habits 
of  the  various  countries.  Furthermore,  the  "normal  gold  basis"  will 
never  approximate  an  equality  of  wages  among  nations  either  per  diem 
or  per  unit  of  product,  because  of  the  various  social  and  economic  con- 
ditions under  which  men  labor.  For  this  reason  care  must  be  exer- 
cised in  assuming  that  wage  differences  in  the  tables  shown  are  due 
to  exchang.es  alone. 

In  the  case  of  England,  the  situation  is  uncertain.  The  rates  per 
hour  for  the  industries  compared  are  usually  about  half  those  pre- 
vailing in  this  country,  but  most  of  this  discrepancy  is  probably  due 
to  causes  other  than  the  depreciation  of  sterling,  because  the  exchange 
discount  is  not  sufficiently  large  to  account  for  more  than  a  fraction 
of  the  difference  in  wages.  In  the  case  of  Germany,  however,  the 
evidence  is  clear.  German  manufacturers  have  a  great  advantage  in 
world  trade  because  of  the  prevailing  low  wages  as  compared  with  the 
value  of  the  commodities  produced  for  export.  The  extent  of  this 
advantage  is  not  the  whole  difl'erence  between  German  and  American 
wage  rates  (about  10  cents  per  hour  in  the  former  country  at  current 
exchange  as  compared  with  50  or  75  cents  per  hour  in  the  latter), 
because  of  the  difierence  in  the  productivity  of  labor  in  the  two  coun- 
tries. That  there  is,  however,  a  lower  labor  cost  due  to  exchanges 
alone  for  the  average  German  products  in  terms  of  gold  than  for 
similar  products  in  the  United  States  is  beyond  question.  Practically 
all  the  data  presented  in  this  report  point  to  this  conclusion.  Prices, 
whether  measured  by  index  numbers  or  shown  for  individual  com- 
modities; wages  converted  at  the  various  purchasing  powers  of 
money — gold  rates,  relative  wholesale  values,  and  cost  of  living; 
higher  prices  for  export  than  for  the  domestic  market,  all  point  to  the 
advantage  enjoyed  by  employers  of  German  labor  in  producing  com- 
modities for  the  world  trade.  That  this  advantage  is  not  a  greater 
factor  in  the  competition  with  other  countries  is  due  largely  to  the 
physical  and  artificial  restraints  of  trade  yet  imposed  on  the  German 
producers. 

18  When  the  domestie  price  of  a  particular  product  is  as  high  as  the  foreign  price  (the  assumption  under- 
lying the  present  argument)  it  is  a  matter  of  indilTerencc  to  the  German  nuunifaclurers  whether  they  sell 
to  the  home  or  export  trade,  but,  according  to  the  table,  the  ruling  world  jtriee  is  so  high  as  compareirwiih 
the  prices  of  the  general  run  of  domestic  products  that  the  home  market  will  sharply  restrict  its  demands 
for  the  overvalued  article. 


66  DEPRECIATED    EXCHANGE    AND    INTERNATIONAL   TRADE, 

The  foregoing  considerations  indicate  that  great  difficulty  would  be 
experienced  in  levying  and  administering  a  tariff  to  offset  the  low 
rates  of  exchange.  A  flat  rate  of  duty  against  all  products  from  all 
countries  obviously  will  not  accomplish  the  purposes  intended,  be- 
cause of  the  different  degrees  of  price  adjustment  to  an  international 
gold  basis.  Not  only  is  there  a  difference  in  the  extent  of  this  adjust- 
ment among  countries,  but  the  prices  of  different  products  in  the 
same  country  are  affected  in  different  degrees  by  paper  inflation. 
For  this  reason  offsetting  duties  should  be  levied  on  specific  products 
and  the  rates  should  be  fixed  with  an  eye  to  the  particular  source 
from  which  protection  is  sought.  Moreover,  the  list  of  commodities 
given  special  protection  should  be  revised  from  time  to  time  because, 
as  the  adjusting  process  goes  on,  products  are  constantly  shifting 
from  the  class  whose  prices  are  fixed  locally  in  paper  money  to  the 
class  of  goods  whose  prices  are  on  an  international  gold  basis  and 
which,  therefore,  require  no  offsetting  duties  against  the  exchange 
rate. 


Appendix  A. 

Purchasing  power  parities  and  rates  of  exchange. 
CANADA. 


Period. 


Federal 

Reserve 

Board 

index  No. 


Canadian 
index  No. 


Percentage 
which 
United 
States 
index  is  of 
Canadian 
index. 


Parity  of 

purchasing 

power.' 


E  xchange 
rate. 


Percentage 
which  col- 
umn 5  is  of 
column  6. 


1913 

1919. 

January 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1920. 

January 

February 

March 

April 

May 

June 

July 

August 

September 

,  October 

November 

December 

1921. 

January 

February 

March 

April 

May 

June 

July 

August 

September 


195 
189 
191 
196 
202 
203 
211 
218 
211 
212 
219 
226 


241 
241 
248 
263 
264 
258 
250 
234 
226 
208 
190 
173 


163 
154 
150 
143 
142 
139 
141 
143 
143 


100 


212 
207 
205 
206 
210 
210 
218 
223 
223 
222 
227 
240 


248 
254 
258 
261 
263 
258 
256 
244 
241 
234 
225 
214 


208 
199 
194 
187 
183 
179 
176 
174 
172 


$1. 0000 


91.99 
91.31 
93.18 
95.15 
96.19 
96.67 
96.79 
97.76 
94.62 
95.50 
96.48 
94.17 


97.18 
94.89 
96.13 
100.77 
100.39 
100. 00 
97.66 
95.91 
93.78 
88.89 
84.45 
80.85 


78.37 
77.39 
77.32 
76.48 
77.60 
77.66 
SO.  18 
82. 19 
83.14 


$0.9199 
.9131 
.9318 
.9515 
.9619 
.9667 
.9679 
.9776 
.9462 
.9550 
.9648 
.9417 


.9718 

.9489 

.9613 

1.0077 

1.0039 

1. 0000 

.9766 

.9591 

.9378 

.8889 

.8445 

.8085 


.7837 
.7739 
.7732 
.7648 
.7760 
.7766 
.8018 
.8219 
.8314 


.9750 
.9718 
.9710 
.9625 
.9559 
.  964  3 
.  9637 
.  9550 
.9278 


9125 
8768 
8975 
9112 
9031 
8812 
8843 
8856 
9038 
9113 
8938 
8607 


8806 
8800 
8901 
8968 
8859 
8819 


97.60 
98.98 
99.56 
100.58 
102. 27 
98.13 
99.10 
101.03 
101.50 


106.50 
108. 23 
107. 11 
110.60 
111.16 
113. 48 
110.44 
108. 30 
103.76 
97.54 
94.48 
93.94 


89.06 
87.88 
87.86 
85. 92 
86.53 
87.66 
90.92 
91.54 
92.52 


'  Column  5  is  derived  by  applying  the  percentages  in  column  4  to  the  par  of  exchange— $1  in  this  case. 

67 


68 


DEPKECIATED   EXCHANGE    AXD   IKTERNATIONAL   TEADE. 


Purchasing  power  parities  and  rates  of  exchange — Continued. 

AUSTRALIA. 


Period. 

1 

Federal 

Reserve 

Board 

index  No. 

2 

Australian 
index  No. 

3 

Percentage 
which 
United 
States 
index  is  of 
Australian 
index. 

4 

Parity  of 

purchasing 

power.' 

5 

Exchange 
rate. 

6 

Percentage 
which  col- 
umn 5  is  of 
column  6. 

7 

1913 

100 

195 
189 
191 
196 
202 
203 
211 
218 
211 
212 
219 
226 

241 
241 
248 
263 
264 
258 
250 
234 
226 
208 
190 
173 

163 
154 
150 
143 
142 
139 
141 
143 
143 

100 

172 
168 
169 
171 
172 
173 
176 
182 
185 
200 
199 
197 

203 
206 
209 
217 
225 
233 
234 
236 
230 
215 
208 
197 

196 
192 
181 
171 
166 
162 
159 
160 
160 

$4.8665 

1919. 

113.38 
112.  50 
113. 02 
114. 62 
117.44 
117. 35 
119. 89 
119.79 
114.06 
106.00 
110.06 
114. 73 

118.72 
117.00 
118.67 
121.20 
117.34 
110. 73 
106.84 
99.16 
98.27 
96.75 
91.35 
87.82 

83.17 
80.21 
82.90 
83.63 
85.55 
85.81 
88.68 
89.38 
89. 3S 

$5. 5176 
5. 4748 
5.5001 
5. 5779 
5. 7152 
5. 7108 
5.8344 
5. 8295 
5. 5507 
5. 1584 
5.3.560 
5.5833 

5. 7775 
5.6938 
5. 7750 
5. 8981 
5. 7103 
5. 3886 
5. 1993 
4. 8256 
4. 7823 
4. 7083 
4. 2455 
4.2737 

4.0474 
3. 9034 
4. 0343 
4.0698 
4. 1632 
4. 1759 
4.3156 
4.3500 
4.3500 

Marrh 

Maj' 

June 

July 

August 

4. 2675 
4.  2175 
4.2050 
4.1050 
3.8600 

3.6950 
3.3850 
3.7050 
3.9675 
3.8900 
3.9700 
3.8493 
3.6650 
3. 5450 
3. 4850 
•      3. 4375 
3. 5100 

3.7325 
3. 8912 
3.9287 
3.9550 
3.9625 
3.7900 
3.6320 
3.6510 
3. 7240 

136. 60 

September 

131.61 

October 

122.67 

November 

130. 47 

D  ecember 

144.65 

1920. 
January 

156.36 

February 

168. 21 

March 

155. 87 

April 

148. 66 

Mav 

146.79 

135. 73 

135. 07 

131.67 

September 

134.  90 

October 

135. 10 

November 

123. 51 

December 

121. 76 

1921. 

108. 44 

100.31 

April 

102. 69 
102. 90 

May 

105. 07 

June 

110.20 

July 

118. 82 

August 

119.14 

116. 80 

1  Column  5  is  derived  by  applying  the  percentages  in  column  4  to  the  par  of  exchange — $4.8665  in  this  case. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


G9 


Purchasing  poucr  parities  and  rates  of  exchange — Continued. 
JAPAN. 


Period. 
1 

Federal 

Reserve 

Board 

index  No. 

2 

Japanese 
index  No. 

3 

Percentage 
which 
United 
States 

index  is  of 

Japanese 

index. 

4 

Parity  of 

purchasing 

power.  1 

5 

Exchange 
rate. 

6 

Percentage 
which  col- 
umn 5  i.s  of 
column  6. 

7 

1913 

100 

195 
189 
191 
196 
202 
203 
211 
218 
211 
212 
219 
226 

241 
241 
248 
263 
264 
258 
250 
234 
226 
208 
190 
173 

163 
154 
150 
143 
142 
139 
141 
143 
143 

100 

214 
213 
206 
206 
214 
228 
247 
251 
257 
271 
280 
288 

301 
313 
321 
300 
271 
247 
239 
235 
230 
■       226 
221 
206 

201 
195 
191 
190 
191 
192 
196 
199 
207 

1 

$0. 4985 

.5175 
.5125 
•.  .5087 
.  5106 
.5156 
.5112 
.  .5087 
.5062 
.  50.56 
.5062 
.  50.50 
.5025 

.4968 
.  4825 
.4750 
.4862 
.5087 
.5040 
.5131 
.5131 
.  .5131 
..5106 
.5050 
.4993 

.  4850 
.4737 
.4837 
.  4825 
.4831 
.4900 
.4801 
.4836 
.4820 

1919. 
January...        

91.13 

88.  74 
92.72 
95.15 
94.40 
89.04 
85.43 
86.86 
82.11 
78.23 
78.  22 
78.48 

80.07 
77.00 
77.26 
87.67 
97.42 
104. 46 
104. 61 
99.58 
98.27 
92.04 
86.00 
83.99 

81.10 
78.98 
78.54 
75.27 
74.35 
72.40 
71.94 
71.87 
69.10 

SO.  4542 
.4423 
.4622 
.4743 
.4705 
.  4438 
.4258 
.4329 
.4093 
.3899 
.  3899 
.3912 

.3991 
.3,838 
.  3851 
.4370 

.4856 
.5207 
.5214 
.4964 

.4898 
.  4588 
.  4287 
.4186 

.4012 
.3937 
.3915 
.3752 
.3706 
.3609 
..3586 
.  3585 
.3444 

87.77 

February 

86. 31 

March . ." 

90.  86 

Anril 

92.90 

May 

91.26 

June 

86.82 

July 

83.71 

August .          .   .   .. 

85.  52 

September 

80.96 

October 

77.03 

November 

77.21 

December 

77.86 

1920. 
January 

,80. 34 

February 

79.55 

March . ." 

81. 07 

April 

89.88 

Mav 

95.46 

June 

10?.  32 

July 

101.62 

August ... 

96.75 

95. 46 

October 

89.86 

November 

84.80 

December 

83.84 

1921. 
JanuarA' 

83.34 

February 

83.11 

March 

80.94 

A  pril 

77.76 

May 

76.71 

73.65 

July.. 

74.70 

August 

74.13 

September 

71.45 

Column  5  is  derived  by  appljang  the  percentages  in  column  4  to  the  par  of  exchange — $0,498  in  this  case . 


70 


DEPKECIATHD    EXCHANGE    AND    INTERNATIONAL   TRADE. 


Purchasing  power  parilus  and  rates  of  exchange — Continued. 


ITALY. 


Period. 

1 

Federal 

Reserve 

Board 

index  No. 

2 

Italian 
index  No. 

3 

Percentage 
which 
United 
States 

index  is  of 
Italian 
index. 

4 

Parity  of 

purchasing 

power.' 

5 

Exchange 
rate. 

6 

Percentage 
which  col- 
umn 5  is  of 
column  6. 

7 

1913 

100 

195 
189 
191 
196 
202 
203 
211 
218 
211 
212 
219 
226 

241 
241 
248 
263 
264 
258 
250 
234 
226 
208 
190 
173 

163 
154 
150 
143 
142 
139 
141 
143 
143 

100 

324 
320 
324 
329 
336 
356 
359 
368 
370 
388 
436 
455 

504 
557 
602 
664 
660 
632 
604 
625 
655 
659 
670 
655 

642 
613 
604 
584 
547 
509 
520 
542 
580 

$0. 1930 

.1570 
.1571 
.1417 
.1370 
.1235 
.1254 
.1205 
.1096 
.1022 
.0975 
.  0853 
.0770 

.0693 
.0558 
.0526 
,0434 
.  0532 
.0581 
.0574 
.0493 
.0443 
.  0395 
.0364 
.  0352 

.0360 
.0367 
.0389 
.0449 
.0521 
.0503 
.0452 
.0431 
.0420 

1919. 
Januarv 

60.19 
59.07 
58.96 
59.58 
60.12 
57.03 
58.78 
59.24 
57.03 
54.64 
50.2:3 
49.68 

47. 82 
43. 27 
41.20 
39.61 
40.00 
40.83 
41.40 
37.44 
34.51 
31.  57 
28.36 
26.42 

36.14 
35.08 
24.84 
24.49 
25.96 
27.31 
27.12 
26.39 
24.66 

$0.1161 
.1140 
.11.37 
.1149 
.1160 
.1100 
.1134 
.1143 
.1100 
.1054 
.0969 
.09.58 

.  0922 
.0835 
.0795 
.0764 
.0772 
.0788 
.0799 
.0722 
.0666 
.0609 
.0547 
.0509 

.0697 
.0677 
.0479 
.0472 
.0501 
.0527 
.0523 
.0509 
.0476 

73.95 

February 

72.57 

March 

80.24 

April .  .. 

8.3.87 

Mav 

93.93 

June 

87.72 

July 

94.11 

August 

104.30 

September 

107. 63 

October 

108.11 

November 

113. 60 

December 

124. 42 

1920. 
1  anuarv 

133. 05 

February 

149. 64 

March 

151.14 

April 

176. 10 

May 

145. 11 

June 

135. 63 

July 

139. 20 

August -. 

146.45 

September 

150.  34 

October 

154.20 

November 

15(>.  28 

December 

144.60 

1921. 
January 

193. 61 

February 

184.47 

March 

123. 14 

April 

105. 12 

May 

96.16 

June 

104.77 

July 

115.71 

August 

118.10 

September 

113. 33 

'Column  5  Is  derived  by  applying  the  percentages  in  column  4  to  the  par  of  exchange— 10.193  in  this  case. 


DEPRECIATED   EXCHANGE   AND   INTEENATION.\L   TRADE. 


Purchasing  power  parities  and  rales  of  exchange — Continued. 
SWEDEN. 


Period. 

1 

Federal 

Reserve 

Board 

index  No. 

2 

Swedish, 
index  No. 

3 

Percentage 
which 
United 
States 

index  is  of 

Swedish 

index. 

4 

Parity  of 

purchasing 

power.' 

5 

Exchange 
rate. 

6 

Percentage 
which  col- 
umn 5  is  0 
column  6. 

7 

1913 

100 

195 
189 
191 
1% 
202 
203 
211 
218 
211 
212 
219 
226 

241 
241 
248 
263 
264 
258 
250 
234 
226 
208 
190 
173 

163 
154 
150 
143 
142 
148 
141 
143 
143 

100 

369 
358 
354 
339 
330 
324 
320 
321 
319 
307 
308 
317 

319 
342 
354 
354 
361 
366 
363 
365 
362 
346 
331 
299 

267 
250 
237 
229 
218 
218 
211 
198 
182 

$0. 2680 

.2860 
.2807 
.2742 
.2687 
.2591 
.2580 
.2442 
.2445 
.2435 
.2395 
.2307 
.2147 

.2042 
.1702 
.2010 
.2162 
.2120 
,2172 
,2155 
,2052 
.2005 
.1960 
.1900 
.1955 

.2102 
.2221 
.2288 
.2339 
.2330 
.2249 
.2104 
.2111 
.2178 

1919. 
January 

52.84 
52.80 
53.96 
57.82 
61.22 
62.66 
65.94 
67.92 
66.15 
69.06 
71.11 
71.30 

75.55 
70.47 
70.06 
74.30 
73.14 
70.50 
68.88 
64.11 
62.44 
60.12 
57.41 
57.86 

61.06 
61.60 
63.30 
62.45 
65.14 
63.77 
66.83 
72.23 
78.58 

$0. 1416 
.1415 
.1446 
.1549 
.1640 
,1679 
.1767 
,1820 
.1772 
.1850 
.1905 
.1910 

.2024 
.1888 
.1877 
.1991 
.1960 
.1889 
.1845 
.1718 
.1673 
.1611 
.1538 
.1550 

.1636 
.1650 
.1696 
.1673 
.1745 
.1709 
.1791 
.1935 
.2106 

49.51 

50.41 

March 

52.74 

April 

57.65 

63.30 

June 

65.08 

July 

72.36 

74.44 

September 

72.77 

■October 

77.24 

82.58 

December 

88.% 

1920. 
January 

99.12 

110.93 

March 

93.40 

April 

92.10 

92.45 

86.97 

July 

85.62 

August 

83. 7i 

83.44 

October 

82.20 

November 

80.95 

December 

79.28 

1921. 

7.84 

February 

74.29 

74.13 

April 

71.53 

74.90 

76.00 

July 

85.08 

91.67 

96.70 

Column  5  is  derived  by  applying  the  percentages  in  column  4  to  the  par  of  exchange— $0,268  in  this  case. 


Appendix  B. 

Comparative  prices. 

ALUMINUM. 

[Pound.] 


NewYork.1,2 

Great  Britain.' 

Germany.'' 

Period.  ^ 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 
January . 

«0. 1875 
.1887 
.1875 
.1825 
.1825 
.1707 

.3300 
.3150 
.3150 
.3000 
.3300 
.3300 
.3250 
.3300 
.3300 
.3300 
.3300 
.3300 

.  3275 
.3300 
.3300 
.  3300 
.3300 
.3300 
.3300 
.3300 
.3490 
.3480 
.3290 
.3200 

.2840 
.2840 
.2825 
.2825 
.  2825 
.2825 
.2825 
.2475 
.2475 

February. .                             

March . .". 

April 

May 

June 

1919. 
January 



February. .     .                       

March •. 

April 

• 

May 

June 

$6. 3259 
.3259 
.3259 
.3259 
.3259 
.3259 
.3259 

SO.  3107 
.3075 
.2922 
.2808 
.2808 
.2791 
.2681 

July 

August 

September 

October 

November 

December 

1920. 
January 

February 

March 

.3689 
.4019 
.4019 
.4019 
.4019 
.4019 
.4019 
.4019 
.4019 
.4019 

.3585 
.3585 
.3259 
.3259 
.3259 
.3259 
.3259 
.3259 
.2498 

.2596 
.3252 
.3170 
.3242 
.3265 
.3072 
.2940 
.2866 
.2847 
.  2884 

.2604 
.2816 
.2607 
.2631 
.2662 
.2619 
.2389 
.2501 
.1923 

April 

1 

May 

June 

1 

July 

1 

August 

Septpml)er 

October 

November 

December 

1921. 
January 

$3.42 

2.88 
2.85 
2.83 

$0. 1963 

February 

.1917 

March 

.  1970 

April 

.1903 

May 

June 



July 



August 

1  Dutiable  at  2  cents  per  pound. 

2  (irade:  Ingot,  98-99  per  cent.    Source:  The  Engineering  and  Mining  Journal. 
'  Grade:  Export  98-99  per  cent.    Source:  The  Iron  and  Coal  Trades  Review. 

<  Grade:  Ingot,  98-99  per  cent.    Source:  Chemiker  Zeitung. 

72 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRAD]':. 


7;i 


Comparative  prices — Continued. 

BILLETS. 

[Gross  ton.) 


Pitts- 
burgh.' 

England  and 
Wales.' 

Germany.' 

France.^ 

Belgium.-" 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current . 

1914. 
January . . . 
February. . 

$20. 00 
21.00 
21.00 
21.00 
20.00 
20.00 

43.50 
43.50 
43.50 
38.50 
38.50 
38.50 
38.50 
38.50 
38. 50 
38.  50 
38.  50 
43.00 

48.00 
52. 50 
60.00 
60.00 
60.00 
60.00 
65.00 
65.00 
60.00 
55.00 
5.5.00 
43.50 

43.  50 
43. 50 
38.  50 
38. 01) 
37.00 
37. 00 
33. 00 
30.  00 
29.00 
29.00 

$21. 14 

$18. 50 
18.37 
18.50 
17.88 
17:65 
17.40 

$26. 77 
26.77 
26.77 
26.77 
25.55 

21.14 

April 

21.14 

1919. 

$70. 09 
94.23 
94.23 
,      94.23 
97.88 
97.88 
97.  88 
134. 14 
134. 14 
182. 48 
193.39 
354. 09 

363. 55 
546.  24 
561. 95 
561. 95 
755.31 
658. 84 
658.  84 
571.  80 
571.  SO 
571. 80 
482. 34 
482.  .34 

$:?0. 50 
47.80 
38. 33 
36.24 
30.92 
28.44 
31. 13 
33.  83 
24.52 
33. 54 
26.40 
34.95 

31.  .30 
34.41 
23.81 
33.50 
,55. 20 
72.55 
72.55 
55. 24 
49.00 
38.44 
26. 33 
29.46 

February. . 
"March . 

April 

May 

July 

August 

September 

66.92 
73.00 
73.00 
73.00 
74.22 
80.30 

87.60 
99.79 
107.06 
119.22 
119.22 
126. 53 
126.  53 
111.93 
111.93 
104. 63 
87.60 
82.73 

77.86 
70.  56 
65.70 
63.  26 
63.26 
5.5.96 
61.10 
46.23 
41.37 
36.50 

$63. 14 
65.44 
62.90 
62.90 
63.56 
66.06 

68.40 
71.16 
75.36 
96. 46 
94.00 
102. 10 
102.  78 
85.55 
81.99 
74.61 
62.06 
59.37 

56.56 
55.42 
52. 56 
50. 17 
51.68 
44.97 
37.45 
35.47 
3L84 
27.96 

December 

1920. 

February.. 

April 

May 

June 

July 

August 

September. 
October. . . 
November. 
December . 

1921. 
January. .. 

185. 27 

185. 28 
191.35 
191.35 
191.35 
151.  55 
151.55 

151. 55 
146. 06 
146. 06 
117.63 
107. 83 
107. 83 
82.35 
58.82 
60.78 
54.90 

$74. 59 
79.02 
75.65 
68.62 
65.84 
49.63 
47.66 

46.72 
.53. 04 
54.64 
42.41 
43.57 
47.33 
32.57 
25. 08 
24.  79 
20. 16 

235. 27 
235.  27 
188.  22 
159.  79 
159. 79 
149. 49 
127.44 

117.63 
102. 93 
100.48 
77.44 
65.68 
65.68 
62.74 
62.74 
52.45 
64.70 

$99. 54 
105. 58 
79.30 
61.28 
58.47 
51.82 
42.40 

37.91 

February.. 

39. 47 

March 

39. 15 

April 

29.21 

May 

26.47 

June 

28.82 

July 

23.96 

August 

September. 

362.  55 

20. 45 

25.91 
20.  76 

October  . . . 

507.60 

16.92 

23. 47 

1  Grade:  O.  H.  billets.    Source:  The  Iron  Age. 

'  Grade:  Soft  steel,  d/d.    Source:  The  Iron  and  Coal  Trades  Re\'iew. 

2  Source:  The  Iron  Trade  Review. 

•  Source:  The  Iron  and  Coal  Trades  Review. 


74 


DEPRECIATED  EXCHANGE   AND   INTEE:K^ATI0NAL   TRADE. 


Comparative  prices — Continued. 

HIGH-SPEED  STEEL. 

[Pound.] 


New 
York.i'i 

England.3 

Period. 

Exchange. 

Par. 

Current. 

1920. 

$0. 9122 
.9122 
.9122 
.9122 
1. 0338 
1.0338 

$0.  7124 

.  6503 

.  6420 

$1.25 

.7380 

May                                                       

.8152 

i.25 
1.27 
1.25 
1.25 
1.25 
1.25 
1.25 

1.25 
1.25 

.8340 

July                                                                

1. 0338 
1. 0338 

.7902 

.7564 

October     ..                                     

1. 0338 
1. 0338 

.9730 
.  9730 
.9730 
.9122 
.9122 
.9122 
.9122 
.9122 
.9122 

.7324 

.7420 

1921. 
January 

.7068 

.7642 

March 

.7783 

April .                       .     . .          

1.00 
1.00 
.95 
.95 
.95 
.95 

.7362 

May 

.7452 

.  7329 

July           ..                         

.6686 

.6999 

.7022 

1  Dutiable  at  15  per  cent. 

'  Grade:  High-speed  steel — 18  per  cent  tungsten.    Source:  The  Iron  Age. 

3  Grade:  High-speed  tool  steel — finished  bars,  18  per  cent.    Source:  The  Iron  and  Coal  Trades  Review. 


DErPiEClATED   EXCHANGE    AND   INTERNATIONAL    TRADE. 


75 


Comparative  prices — Continued . 

STEEL  BARS. 
[Pound.] 


Period. 


Pitts- 
burgh.'- 


1919. 

January... 

February.. 

March 

April 

May 

June 

July 

August 

Se])tember 
October. . . 
November. 
December . 

1920. 

January... 

February.. 

March 

April .. 

May 

June 

July 

August 

September 
October . . . 
November. 
December . 

1921. 

January... 

February. . 

March 

April 

May 

June 

July 

August 

September 


SO.  0270 
.0270 
.0270 
.0235 
.  023.5 
.0235 
.0235 
.  0235 
.  0235 
.0235 
.  02.50 
.0275 


.0275 
.0300 
.  0350 
.0375 
.0375 
.  0350 
.  0350 
.  0325 
.  0325 
.0325 
.0.300 
.0235 


.  0235 
.0235 
.0200 
.0200 
.0210 
.0210 
.  0190 
.0175 
.0170 


Great  Britain.' 


Exchange. 


Par.       Current. 


Germany.* 


E.xchange. 


Par.       Current. 


$0. 0412 

.$0. 0339 

.0472 

.  0368 

.  0510 

.0304 

.0618 

.  0435 

.0618 

.0500 

.0618 

.0487 

.0695 

.0560 

.0673 

.0547 

.0095 

.0531 

.0395 

.  0.509 

.  0052 

.0465 

.  0630 

.0446 

.047S 

.0343 

.  0456 

.  0.331 

.0369 

.0290 

.0348 

.0278 

.  0347 

.0280 

.  0293 

.0239 

.0293 

.0235 

.0282 

.0207 

.0272 

.0209 

.0250 

.0192 

$0. 0361 
.0469 
.0469 
.0469 
.  0593 
.  0.593 
.0593 
.0804 
.0804 
.1074 
.1074 
.1882 


.  1883 
.2805 
i  2859 
.2859 
.3938 
.3454 
.3454 
.3065 
.  3065 
.3035 
.2633 
.2633 


$0. 0157 
.0238 
.0191 
.0180 
.0187 
.0172 
.0189 
.0203 
.0147 
.0197 
.0147 
.0186 


.0162 
.0177 
.0121 
.0170 
.0288 
.0380 
.0380 
.0296 
.  0263 
.0206 
.0144 
.0161 


France.' 


Exchange. 


Par.       Current. 


Belgium.5 


Exchange. 


Par.       Current. 


1272 
1272 
1272 
1272 
1272 
1053 
1053 


.0877 
.0877 
.0790 
.0656 
.0656 
.0613 
.0394 
.0350 
.0324 


0512 
0542 
0503 
04.56 
0438 
0345 
0331 


.0270 
.0318 
.0295 
.0236 
.0265 
.0269 
.0156 
.0149 
.0132 


SO. 


1316 
1316 
1119 
0985 
0899 
0811 
0724 


SO. 


0557 
0590 
0501 
0370 
0329 
0281 
0241 


0658 

.0212 

0614 

.0235 

0526 

.0205 

0415 

.0156 

0394 

.0158 

0381 

.0167 

0350 

.0134 

0333 

.0138 

0324 

.0128 

1  Dutiable  at  10  per  cent  ad  valorem. 

'  Source:  The  Iron  Age. 

>  Grade:  i  to  3  inch.    Source:  The  Iron  Trade  Review. 

<  Grade:  Bar.s.  rounds,  and  rods.    Source:  The  Iron  Trade  Review. 

'Grade:  Merchant  bars.    Source:  The  Iron  Trade  Review. 


76 


DEPRECIATED   EXCHANGE   AND   INTEEJSTATIONAL   TRADE. 


Comparative  prices — Continued. 

STEEL  PLATES. 
[Pound.] 


Pitts- 
burgh.'. 2 

England  and 
Wales.3 

France.* 

Germany. 5 

Belgium.' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 

$0.  0120 
.  0120 
.0120 
.  0115 
.  0115 
.0110 

.  0300 
.  0300 
.0300 
.0265 
.0265 
.0265 
.0265 
.0265 
.0265 
.  0250 
.  0265 
.  0265 

.0265 
.0350 
.  0350 
.0375 
.0375 
.0375 
.0350 
.0325 
.0325 
.0325 
.0285 
.0265 

.  0265 
.0250 
.0210 
.0200 
.0220 
.0220 
.0190 
.0180 
.0170 

$0.0142 
.0142 
.0142 
.0142 
.0142 
.0142 

.0250 
.0304 

$0.0112 

$0.0107 
.0106 
.0105 
.  0105 
.  0103 
.0102 

March .  . 

.0109 

April 

May 

.0108 

1919. 

January. .. 

$0. 0244 
.0297 

.0405 
.  0540 
.0540 
.  0540 
.0664 
.0664 
.0664 
.0901 
.0901 
.1279 
.  1279 
.2412 

.2411 
.  3685 
.3706 
.3706 
.5071 
.4359 
.4359 
.3879 
.3879 
.  3879 
.3334 
.3334 

$0. 0176 
.0274 
.0220 
.  0208 
.0210 
.0193 
.0211 
.0227 
.0165 
.  0235 
.0175 
.0238 

.  0208 
.0232 
.0157 
.0221 
.0371 
.0480 
.0480 
.0375 
.0332 
.0261 
.0182 
.0204 

February.. 

March . . . 

April 

.0369 

.0355 

May 

June 

July 

August 

.  0396 

.0355 

September 
October.    . 

November. 

December . 

1920. 
January. . . 

.0467 
.0511 
.0511 
.0511 
.0511 
.  0511 
.0511 
.0511 
.0511 
.  0532 
.0532 
.0521 

.0521 
.0478 
.0456 
.0412 
.0412 
.0412 
.  0326 
.0326 
.0304 

.0365 
.0364 
.0360 
.0413 
.0403 
.0412 
.0415 
.0391 
.  0374 
.0379 
.0377 
.0374 

.0378 
.0375 
.0365 
.0332 
.0338 
.0331 
.0239 
.0250 
.0234 

February.. 

March ..... 

.1050 
.  1138 
.1312 
.1447 
.1447 
.1360 
.1228 
.1184 
.1096 
.1009 

.0811 
.0768 
.0869 
.0547 
.0.534 
.0530 
.0460 
.0403 
.0416 

$0. 0399 

April 

.0429 

May 

.0436 

June 

July 

August 

September 
October.. . 
November. 
December . 

1921. 
January . . . 

$0. 1391 
.1618 
.1618 
.1618 
.1618 
.1443 
.  1421 

.1096 
.1096 
.1009 
.0744 
.0918 
.0766 
.0639 
.0613 
.0613 

SO.  0560 
.0690 
.(3640 
.0580 
•.  0557 
.  0473 
.0447 

.0338 
.  0398 
.0377 
.0268 
.0371 
.0336 
.0253 
.0261 
.0250 

.0612 
.0649 
.0573 
.0471 
.  0433 
.  0378 
.  0336 

.0261 

February. . 

.0294 

March. 

.  0261 

April.. 

May 

June 

July 

.  0206 

.  0215 

.0233 
.0176 

August 

.0166 

September 

.0165 

1  Dutiable  at  12  per  cent  ad  valorem. 

2  Grade:  Tank  plates.    Source:  The  Iron  Age. 

3  Grade:  Steel  platc;s,  ship,  bridge,  and  tank.    Source:  The  Iron  and  Coal  Trades  Review. 
<  Grade:  Plates,  bridge,  and  lank,  5  mm.  and  thicker.    Source:  The  Iron  Trade  Review. 

6  Grade:  Finished  steel  plates,  over  5  mm.    Source:  The  Iron  Trade  Review. 
«  Grade:  Plates,  iVinch.    Source:  The  Iron  and  Coal  Trades  Review. 


DEPRECIATED   EXCHANGE   AND   IN  lEli NATIONAL   TRADE, 


77 


Comparative  prices — Continued. 

STEEL  HOOPS. 
[Pound.] 


Pitts- 
burgh.!. 2 

England  and  Wales.' 

Germany.' 

Period. 

Exchange. 

Exchange. 

Par.    Current. 

Par.  ■ 

Current. 

1914. 

SO.  0135 
.  0130 
.9130 
.0125 
.0125 
.0125 

.0330 
.0330 
.  0330 
.0305 
.0305 
.0305 
.  0.305 
.0305 
.0305 
.  0305 
.  0305 
.0325 

.0325 
.0350 
.0400 
.  0400 
.0500 
.0500 
.0550 
.0550 
.0550 
.0550 
.0500 
.0305 

.0305 
.0305 
.0280 
.  0275 
.0275 
.0275 
.0250 
.0240 
.0225 

$0.01.53  

.  0153 
.01.53 
.0153 
.0153 
.0142 

.0401 

Mav 

1919. 

SO.  0392 

.0423  1     .0414 
.0450  !     .0432 
.0450  1     .0433 
.  0505      . 0494 

Mav                   

.0505 
.0505 
.0537 
.0537 
.0537 
.0537 
.  0537 

.  0586 
.0597 
.  06S9 
.0770 
.0760 
.0793 

.0481 
.0475 
.0481 
.0463 
.0463 
.0460 
.0142 

.0458 
.0426 
.  0485 
.0623 
.0599 
.0640 

July 

1920. 

$0. 2077 
.3086 
.3129 
.3129 
.4370 
.3868 
.3868 
.3437 
.3437 
.3437 
.2956 
.2956 

$0. 0179 

February.    .      

.0194 

^arch 

.0133 

.0186 

Mav 

.0319 

.0425 

.0793  1     .0644 

.0426 

.0793 
.0793 
.0793 
.  0793 

.  0600 
.  0580 
.  0565 
.  0562 

.0332 

.0295 

October . .    .     

.0231 

.0161 

December 

.0684  1     .0491 

.0581      .0422 
.0500      .0393 
.0435  !     .0.348 
.0380  :     .0307 
.0.380  1     .0310 
.0358      .0288 
.  0369      . 0270 
.0326      .02.50 
.0326  i     .0251 

.0181 

1921. 

May 

1  Dutiable  at  10  per  cent  ad  valorem. 

'  Source:  The  Iron  Age. 

'  (irade:  Staffordshire.    Source:  The  Iron  and  Coal  Trades  Review. 

*  Source:  The  Iron  Trade  Review. 

599—21 6 


78 


DEPRECIATED    EXCHANGE    AND   INTERNATIONAL    TRADE. 


Comparative  prices — ContiniKul. 

STEEL    U.VILS. 

[Ton.) 


Pitts- 
burgh.! 

England  .s 

Germany  .3 

Belgium.'' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 
January . .     . . 

$28.00 
28.00 
28.00 
28.00 
28.00 
28.00 

55.00 
55.00 
55.00 
45.00 
45.00 
45.00 
45.00 
45.00 
45.00 
45.00 
45.00 
45.00 

45.00 
45.00 
45.00 
55.00 
55.00 
55.00 
55.00 
55.00 
55.00 
55.00 
5.5.00 
55.00 

45.00 
45.00 
45.00 
45.00 
45.00 
45.00 
45.00 
45.00 
45.00 

$29.81 
31.  a3 
31.63 
29.81 
29.81 
29.81 

52.92 
65.10 

$28.52 

Februarv 

March . ." 

28.52 

April 

May 

28.52 

June 

1919. 
January 

$51.74 
63.65 

72.51 

96.68 

96.68 

96.68 

137.76 

137. 76 

137.76 

137. 76 

137.76 

$31.55 
49.04 
39.32 
37.17 
43.53 
40.00 
43.82 
34.75 
25.18 

Fcbruiirv 

March . .". .     . 

April 

May 

June 

July 

August 

80.30 

72.00 

September 

October 

November.. 

December 

1920. 
January 

91.  25 
91.25 
96.12 
102. 20 
111.93 
111.93 
111.92 
121. 60 
121.  06 
121.06 
121.66 
121.66 

121. 66 
102. 20 
87.60 
73.00 
73.00 
73.00 
08. 13 
68.13 
68.13 

71.27 
65.07 
67.65 
82.70 
88.20 
90.30 
90. 92 
92.99 
89.00 
86.76 
86.38 
87.11 

88.36 
80.28 
70.06 
58.93 
59.62 
58.65 
49.93 
52.27 
52.44 

635. 25 
671. 55 
686. 67 

54.70 
42.30 
29.11 

February. . 

March 

April 

May 

912.  82 
802. 70 
802. 70 
713.24 
713.24 
713.24 
616.53 
616.53 

66.72 
88.36 
88.36 
69.09 
61.12 
47.92 
33.65 
37.66 

June 

$294. 09 
294.09 
249.98 
215.66 
205.86 
183.80 
161.75 

151.94 
1.37. 24 
127.44 
120. 93 
98.03 
98.03 
98.03 
88.23 
88.23 

$124. 42 

July 

132. 00 

August 

105. 31 

September 

October 

82.70 
75.32 

November 

December 

1921. 
January 

63.73 
53.81 

48.97 

February 

52.62 

March 

49.66 

April 

38.82 

May 

39.52 

June 

43.02 

July 

37.44 

August 

36.44 

September 

34.93 

!  Grade:  Bessemer,  heavy,  at  mill.    Source:  The  Iron  Age. 

2  (irade:  Steel,  heavy,  60  pounds.    Source:  The  Iron  and  Coal  Trades  Review. 

3  (■radu:  (iovernment.    Source:  The  Iron  Trade  Review. 
<  Cirade:  Standard.    Source:  The  Iron  Trade  Review. 


DEPRECIATED    EXCHANGE    AND    INIEKXATIOXAL    TRADE 

Comparative  prices — Continued. 

TIN  PLATES. 

[100  pounds.] 

79 

rerioJ. 

Pitts- 
burgh.''2 

Great  Britain.' 

South  Wales  and 
England.* 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

January . . . 

1914. 

$3.40 
3.25 
3.30 
3.30 
3.30 
3.30 

7.35 
7.35 
7.35 
7.00 
7.00 
7.00 
7.00 
7.00 
7.00 

$2.87 
2.96 
2.99 
2.93 
2.90 
2.77 

February. . 
March 

A  pril 

May 

January. .. 

1919. 

116. 79 

S16. 42 

February. . 
March 

April 

May 

June 

July 

August 

September 
October. . . 

i 

7.00 

November. 
December. 

January. .. 

7.00 
7.00 

7.00 
7.00 
"    7.00 
7.00 
7.00 
7.00 
7.00 
9.00 
9.00 
9.00 
8.50 
7.00 

7.00 
7.00 
7.00 
7.00 
6.25 
6.% 
5.75 
5.25 
5.25 

1920. 

13.50 
15.77 
16.45 
17.46 
17.12 
16.67 
16.00 
13.29 
12.95 
12.39 
9.23 
9.12 

7.43 
7.43 
6.30 
4.90 
4.90 
5.65 
5.43 
5.32 
4.79 

10.54 
11.25 
11.51 
14.12 
13.50 
13.  45 
13.00 
10.16 
9.48 
8.83 
6.54 
6.54 

5.40 
5.84 
5.04 
3.95 
4.00 
4.54 
3.98 
4.08 
3.69 

February. . 
March 

April 

May 

June 

July 

August 

September. 
October. . . 

November. 
December. 

January 

1921. 

February 

March 

April 

May 

June .                    

July 

September. 

1  Dutiabl 
UJrarle: 
*  (Jrade: 
<  Grade: 

e  at  15  per  cent  ad  valorem. 
100-pound  box.    Source:  Ttie  Ir 
I.  C.  cokes,  20  by  14,  112  sheets, 
Bessemer  steel  coke,  lOS-pound 

r>n  Age. 
OS-pound  be 
box.    Sourc 

X.    Source: 
e:  The  Iron 

The  Iron  an 
and  Coal  Tr 

d  Coal  Trad( 
ades  Review 

is  Review. 

80  DEPRECIATED    EXCHANGE    AXD    IXTEKXATlONAL   Tr^ADE. 

Comparative  prices — Continued. 

WIRE  RODS. 
[Gross  ton.] 


Pitts- 
burgh. 1.5 

Great  Britain.' 

Germany.* 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 

S25. 00 
26.00 
26.50 
26.00 
26.00 
24.50 

57.00 
57.00 
57.00 
52.00 
52.00 
52.00 
52.00 
52.00 
52.00 
52.00 
58.00 
58.00 

60.00 
60.00 
70.00 
70.00 
70.00 
75.00 
75.00 
75.00 
75.00 
75.00 
70.00 
57.00 

57.00 
57.00 
52.00 
52.00 
48.00 
48.00 
45. 00 
42.00 
40.00 

$23. 84 
23.72 
23.48 
23.11 
22.75 
22.51 

1919. 

Atay 

July 

! 

1920. 

483. 40 
754. 10 
761. 35 
761.35 
1,003.05 
866. 77 
866.77 
764.02 
764. 02 
764.02 
657.63 
657. G3 

$41.62 

Fobruarv.' 

47.51 

32.28 

April 

45.38 

Mav 

73.30 

95.42 

July 

95.42 

73.80 

Sentember 

65. 47 

51.35 

36.01 

40.17 

1921. 

February 

$81. 51 
81.51 
76.65 
76.65 
76.65 
76.65 
64.48 
60.83 

$64.04 
6.5.20 
61.88 
62.60 
61.59 
51.68 
49.47 
40.83 

March 

April 

May 

June 

Julv 

Aiigust 

Sentember 

'  Dutiable  at  10  per  cent  ad  valorem. 

'  Source:  The  Iron  Age. 

'  Grade:  Soft.    Source:  The  Iron  and  Coal  Trades  Review. 

*  Source:  The  Iron  Trade  Review. 


DEPREriATEn    EXCHANGE    AXD    IXTERXATIOXAL    TRADE 
Comparative  prices — Continued. 

WIRE. 
[Pound.] 

81 

Period. 

Pittsburgh.! 

Great  Britain.* 

Germany.' 

Exchange. 

Exchange. 

Par. 

Current. 

P.ir. 

Current. 

1914. 

$0.0190 
.0200 
.0200 
.0200 
.0200 
.0190 

.  0435 
.  0435 
.0435 
.0410 
.0410 
.0410 
.0410 
.0410 
.0410 
.0410 
.0425 
.0425 

.  0445 
.0445 
.0445 
.0445 
.0445 
.0445 
.0445 
.0445 
.0445 
.0445 
.0445 
.0410 

.0410 
.0410 
.  0385 
.  03S5 
.0410 
.0410 
.0365 
.0340 
.0340 

February 

March . .   

Mav 

Juiip. . .           

1919. 
January 

March 

April 

May 

July 

September 

October     

1920. 
January , 

$0.  3232 
.5179 
.5179 
.5179 
.62.58 
.5503 
.5303 
.4909 
.4909 
.4809 
.4316 
.4316 

$0. 0278 

February      .        

.0326 

.0220 

.0309 

.0477 

.0605 

July 

.0605 

Aupust.. 

.0474 

.0421 

.0330 

.0236 

December     ..          .   .   

.0264 

1921. 

$0.0739 
.0663 
.  0.564 
.0608 
.0510 
.0510 
.0423 
.0423 

$0. 0581 
.0530 
.0455 
.0496 
.0410 
.0374 
.0325 
.0326 

March .                                                        .   . 



Anril. . .          .          

.4154 

.0248 

May 

July 

August 

.3183 

.0180 

•  Grade:  Barbed  wire,  galyanized.    Sourc 
5  Grade:  iencing  wire,  galvanized,  SG.    :: 
'Grade:  Galvanized  wire.    Source:  The 

e:  The  Iron 
source:  The 
ron  Trade  h 

Age. 

ron  and  Coa 

review. 

1  Trades  Rei 

•iew. 

DEPRECIATED    EXCHANGE    AND    IXTEENATIOXAL    TUADE. 


Comparative  prices — Continued. 

ACETIC   ACID. 
[100  pounds.] 


New- 
York.' 

England." 

Paris,  France.' 

Hamburg,  Ger- 
many.< 

Toronto, 

Canada.5 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1919. 
January . . . 
February. . 

$15. 15 
12.00 
12.00 
12.00 
11.50 
9.75 
10.14 
10.14 
10.00 
10.00 
10.00 
10.00 

10.00 
10.00 
10.00 
12.65 
13.01 
13.01 
13.01 
13.01 
13.01 
13.01 
13.01 
10.00 

10.87 
10.87 
10.25 
7.82 
7.50 
7.50 
7.50 
7.50 
8.25 

$56.90 
56.90 
32.  S3 
31.51 
31.51 
31.51 
31.51 
24.51 
24.51 
35.01 
26.26 
32.83 

32.83 

$54. 00 
53.98 
29.61 
27.85 
26.96 
26.12 
25.24 
17.48 
15.60 
21.22 
15.  45 
17.30 

15.87 

$29.00 
22.00 
22.00 
22.00 
22.00 
22.00 
22.00 
21. 00 
21.00 
19.00 
19.00 
19.00 

19.00 
19. 00 
x.l,  00 
19.00 
19.00 
21.00 
21.00 
21.00 
21.00 
21. 01) 
19.  00 
17. 50 

17.50 
17.50 
17.50 
17.00 
17.00 
17.00 
17.00 
17.00 
17.00 

April 

May 

$21. 00 

21.00 

21.00 

July 

August 

September 

21.00 

20. 00 

20.00 

18.00 

IS.  00 

18. 00 

1920. 
January . . . 
February. . 

$10. 75 
15.64 
16.07 
19.55 
20.63 
20.63 
19.55 
18.  25 
18.68 
18. 68 
17.38 
13.03 

12.15 
11.73 
10.86 
10.43 
9.98 
10.43 
10.21 
8.69 
8.25 

$8.39 
11.15 
11.31 
15. 82 
16.27 
16.64 
15. 38 
13.95 
13.66 
13.32 
13.32 
9.35 

8.83 
9.21 
8.69 
8.42 
8.15 
8.38 
7.48 
6.67 
6.  .35 

17.38 

$97. 16 
118.75 
151. 13 
102. 55 
129. 54 
107. 95 
113.35 

$6.12 
5.03 
9.00 
•'.49 
U.26 
11.89 
10.95 

16.62 

1 

16.15 

April 

May 

1 

17.29 

17.16 

IS.  37 

July 

August 

September 

18.06 

18. 35 

IS.  79 

52.52 
52. 52 
52.52 

35.89 
31.51 
30.64 
35.01 
35.01 
35.01 
35.01 
33.26 
31.51 

18.07 
17.20 
16.52 

11.06 
11.44 
11.46 
12.62 
14.15 
15.36 
13.85 
14.93 
12.85 

19.16 

17.36 

;.::::::::::::::: 

15.38 

1921. 
January. .. 
February. . 

March 

April 

May 

129. 54 

129. 54 
110.67 

129. 55 

7.42 
8.60 
7.62 
8.70 

15.05 
15.53 
15.33 
15.07 
15.19 

15. 15 

July 

August 

September 

107.90 

5.59 

14.91 
15.17 

15.32 

t  Grade:  80  per  cent  pure.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

»  Grade:  80  per  cent.    Source:  The  Chemical  Trade  Journal. 

•  Grade:  SO  per  cent  bon  gout.    Source:  La  Revue  des  Produits  Chemique. 

<  Grade:  80  per  cent.    Source:  La  Revue  des  Produits  Chemique. 

»  Grade:  80  per  cent.    Source:  The  Canadian  Chemical  Journal. 


DEPRECIATED   EXCHANGE   AND   INTERXATIOXAL   TRADE. 


83 


Comparative  prices — Continued. 

ALCOHOL. 

[Gallon.] 


New 
York.i.  2 

Toronto,  Canada.* 

Milan,  Italy.< 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 
January . .                                       

$0. 4100 
.4300 
.4300 
.4300 
.4300 
.4300 

.7300 
.7300 
.7300 
.7300 
.7300 
.7300 
.5400 
.5400 
.5400 
.5800 
.  5800 
..5800 

.8200 
.8200 
.9200 
.9200 

SO.  3564 
.  3.564 
.3564 
.  3564 

.  2857 
.2857 

February 

April . . 

May 

1919. 
January 

$2.95 
2.95 

March 

3.16 
3.16 
3.16 
3.16 
3.16 
2.75 
2.75 
2.75 
2.75 
2.75 

2.75 
3.37 
4.62 
7.12 
•     7.12 
7.12 
7.12 
7.12 
7.12 
7.12 
6.29 
6.29 

6.29 
4.62 
4.62 
'    4.62 
4.62 
4.62 
4.62 
4.62 
4.62 

$3.09 
3.08 
3.08 
3.07 
2.61 
2.64 
2.64 
2.65 
2.62 

2.52 
2.95 
3.95 
6.43 
6.43 
6.23 
6.13 
6.22 
6.38 
6.43 
5.69 
5.53 

5.41 
4.10 
4.05 
4.10 
4.14 
4.12 
4.06 
4.13 
4.17 

Maj'. 

July 

September...                     ..           

November 

December ... 

1920. 
January 

7.0*) 
7. 06 
10.59 
10. 59 
11.19 
11.19 
11.19 
11.19 
11.19 
11.19 
11.19 
11.19 

11.19 
11.19 
10.60 
10.60 
8.25 
7.06 
7.06 

$2. 77 

February. .     .     .          

2.29 

March 

3.01 

2.68 

May 

2.62 

3. 67 

July 

3.44 

August 

4.01 

September...   .              .   .          

2.71 

1.4200 

1.4200 

.8200 

.  8200 
.7200 
.6700 
.  5700 
.  5700 

2.42 

November 

2.13 

2.13 

1921. 
January 

2.00 

February 

2.12 

2.01 

April 

2.35 

May 

2.06 

1.94 

July -- 

1.56 

1  Dutiable  at  S2.60  per  proof  gallon. 

2  (Jradc:  Alcohol,  ethyl,  188  proof  (95  per  cent).    Source:  The  Oil,  Paint  and  Drug  Reporter. 
'  Grade:  Alcohol,  pure  (65  per  cent  O.  P.).    Source:  The  Canadian  Chemical  Journal. 

<  Grade:  Alcohol  etilico,  95  per  cent.    Source:  Giornale  di  Chemica  Industriale. 


84 


DEPRECIATED  EXCHANGE   AND  INTERNATIONAL   TRADE. 


Comparative  prices — Continued. 

AMMONIA   SULPHATE. 
[100  pounds.] 


New 
York.i 

London,  England.^ 

Paris,  France.' 

Italy.< 

Germany.^ 

Period. 

Exchange. 

•     Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 
January... 

$2.95 
2.85 
2.85 
2.85 
2.80 
2.60 

4,90 
4.75 
4.50 
4.50 
4.50 
nom. 
4.25 
4. 15 
4.10 
3.75 
4.50 

$2.62 
2.51 
2.56 
2.51 
2.46 
2.17 

$2.82 
2.76 
2.76 
2.70 
2.64 
2.53 

8.40 
8.40 
8.40 
8.40 
8.40 
8.40 
7.70 
7.70 
7.70 
8.93 
10.  50 
13.13 

13.56 
15.75 
17.50 
.  15.32 
15.32 
17.50 
17.50 
15.32 
15.  .32 
13.13 
13.13 
13. 13 

10.94 
8.31 
•     8. 31 
8.32 
8.32 

$2.91 
2.86 
2.89 
2.82 
2.72 
2.70 

$3.11 
2.67 
3.19 
3.11 
2.93 
2.67 

4.00 

April 

May 

1919. 
January... 
February.. 

$7.98 
7.97 
7.58 
7.42 
7.19 
6.96 
6.17 
5. 49 
4.90 
5.41 
6.17 
6.92 

6.56 
6.00 
6.38 
5.44 
4.75 
7.04 
7.46 
6.05 
5.49 
4.51 
4.30 
4.13 

3.37 
3.02 
3.11 
3.00 
3.36 

$1.74 

April 

May 

5.78 

■)  22 

. 

July 

August 

September 

8.67 

2.76 

1 

12.00 

2.20 

1920. 

14.44 
14.44 
17.94 
22.76 
23.63 
23.63 
23.63 
23.20 
21.88 
21.88 
2L88 
21.23 

20.97 
19.91 
19.26 
19.26 
14.44 
12.47 
10.72 

$5.67 
4.07 
5.09 
5.75 
5.33 
7.74 
7.26 
8.30 
5.29 
4.74 
4.16 
4.04 

3.72 
3.77 
3.65 
4.27 
3.61 
3.43 
2.37 

February. . 

26.98 

1.70 

.\pril 

May..     . 

5.00 
5.  50 
5.50 
5.50 
5.  50 
5.00 
4.75 
3.  75 

3.25 
3.00 
3.00 
2.50 
2.50 
2.00 
2.00 
2.00 
2.00 

45.87 

3.35 

July. 

August 

27.20 
25.90 

2.62 

September 

5.21 
5.32 
5.32 
5.32 

5.17 
5.17 
5.  25 
5.25 
5.32 
5.32 
4.02 
2.86 
2.90 

$3.81 
3.79 
3.77 
.3.82 

3.75 
4.06 
4.20 
4.24 
4. 35 
4.28 
2. 95 
2.19 
2.23 

2.22 

November. 

25.90 

1.41 

1921. 

February. . 

March 

April 

May 

June 

2L04 
20.77 
23.74 

1.37 
1.38 

July 

August 

September 

8.32 
5.69 
5.69 

3.55 
2.43 
2.32 

1.23 

•  Grade:  .Vmmonia  sulphate,  bulk,  f.  o.  b.  works.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

'  Grade:  Suhihate  of  ammonia.    Source:  The  Chemical  Trade  Journal,  London. 

3  Grade:  Sulfate  d'ammoniaqiie,  20-21  per  cent  (gare  Paris).  Source:  La  Revue  des  Produits  Chem- 
iques  and  War  Industries  Board  Bulletin  No.  2. 

■•Grade:  .Sulfate  d'ammoiiiaque,  20-21  per  cent.  Source:  Giornale  de  Chemica  Industriale  and  War 
Industries  Board  Bulletin  No.  2. 

»  Source:  Chemiker  Zeitung. 


DEPKECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE, 


So 


Comparative  prices — Continued. 

ANILINE  OIL. 

[Pound.] 


Period. 


New 
York.1.2 


England.' 


Exchange. 


Par.  Current. 


Italy.' 


Exchange. 


Par.  Current. 


1914 

January 

February 

March 

April 

May 

June 

1919 

January 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1920 

January 

February 

March 

April 

May 

Juiie 

July 

August 

September 

October 

November 

December 

1921 

January 

February 

March 

April 

May 

June 

July 

August 

September 


$0. 1038 
.1038 
.1075 
.1075 
.1075 
.1075 


.2700 
.2500 
.2400 
.2300 
.2100 
.2100 
.2100 
.2500 
.2800 
.2900 
.3100 
.3400 


.3400 
.3400 
.3200 
.3200 
.3800 
.3400 
.3300 
.3200 
.2750 
.2700 
.2700 
.2500 


.2300 
.2100 
.2200 
.2000 
.2000 
.2000 
.2000 
.1800 
.2200 


80.1115 
.1115 
.1115 
.1014 
.1014 
.1115 


$0.7800 


$0. 3311 


.3649 
.3649 
.3649 
.3649 
.3649 
.3446 
.3446 
.3446 
.3446 
.3446 
.4046 
.4046 


.4046 
.3852 
.  3852 
.3649 
.3446 
.3649 
.  3243 
.3497 
.3446 


$0. 2849 

.8754 

.3436 

.2602 

1. 7500 

.5672 

.2568 

1. 7500 

.4973 

.  2952 

1. 9200 

.4869 

.  2877 

1. 9200 

.4507 

.2780 

1. 9200 

.6309 

.2799 

1. 9200 

.5922 

.2634 

1. 9200 

.6896 

.  2521 

1.9200 

.4661 

.2457 

1. 9200 

.4172 

.  2867 

1. 7500 

.3331 

.2904 

.2939 
.3025 
.3082 

1.7500 

.3320 

.2946 

1.0500 

.2330 

.2815 

1.0500 

.2624 

.2932 

1. 0500 

.2885 

.2377 

.6128 

.1352 

.2683 
.2653 

1  Dutiable  at  15  per  cent  plus  25  cents  per  pound. 

2  Grade:  (pure).  Source:  The  Oil,  Paint,  and  Drug  Reporter, 
s  Source:  The  Chemical  Trade  Journal;  London. 

*  Source:  Giornale  di  Cheniica  Industriale. 


86 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL    TRADE. 


Comparative  prices— Continued. 

BARIUM  CHLORIDE. 
[Ton.l 


New 
York.i.s 

England.' 

Paris,  France.' 

Milan. 

Italy  .5 

Hamburg, 
Germany.' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 

$32.  .50 
32.00 
32. 50 
32.00 
.32.  00 
32.00 

85. 00 
85.00 
82.00 
82.00 
67.00 
70.00 
70.00 
75.  00 
75.  00 
80.00 
80.00 
.80.00 

•    90.00 
100.00 
150.00 
150. 00 
175.00 
175.00 
175.00 
160. 00 
137.00 
125.00 
125.00 
100.00 

75. 00 
67. 50 
62.50 
60. 00 
57. 50 
55.00 
60.00 
50. 00 
55. 00 

$27. 12 
27.12 
27.12 
27.12 
27.12 
26. 00 

164. 92 
1.56.  24 
147.56 
141.05 
134.54 
121. 52 
121.52 
104.  28 
101.99 
ini.99 
99.94 
97. 65 

95.59 
99.93 
104. 28 
117.31 
152.07 
141.21 
139.04 
136. 87 
136. 87 
126. 00 
112. 97 
104.28 

99.93 
91.24 
86.90 
82. 55 
80.29 
78.21 
73.74 
69.44 
71.69 

$25. 38 
23.63 
25.38 
27.13 
25.38 
25.38 

April 

May 

1 

i 

1919. 

.$161.27 
152. 78 
141.65 
135. 85 
131. 75 
115.85 
114.77 

93. 50 
87.88 
87.88 
85.58 
80.35 

74. 65 
71.  26 
73.39 
94.91 
120. 02 
113.93 
112. 95 
104. 60 
100.12 
89.87 
80.04 
74.84 

72.59 
71.67 

69. 51 
66. 64 
65. 59 
62.84 
54. 04 
53.  28 
55.19 

.S280.  (W 
228. 00 
175.00 
175.00 
175.00 
175. 00 
175.00 
166.00 
131.00 
157.00 
157.00 
140. 00 

140.07 
140. 07 
210. 10 
236.37 
262.63 
262. 63 
245. 12 
262. 63 
280. 14 
280. 14 
2.36. 37 
236. 37 

236. 37 
192. 60 
175. 09 
175.09 
16(i.  40 
166. 40 
166. 40 
140. 00 
122.  .50 

$266. 00 
216. 00 
158. 00 
1.55.  00 
150.  00 
145.00 
140.00 
118.00 
S3. 00 
95.00 
92.0<1 
74.00 

67.70 
53. 35 
76. 68 
84.02 
81.  .53 
105.  73 
104.  54 
103. 63 
100.45 
96. 40 
77.41 
74.34 

72. 89 
69.95 
65.  50 
63. 10 
67.  10 
73.04 
65.  81 
.59.  70 
49.  95 

February.. 

April 

May 



Jnlv 

August 

September. 

$262. 62 

2.80. 14 
280. 14 
315. 16 
385. 19 
525. 26 
700. 35 
700.35 
700.35 
577. 79 
525. 26 
455.23 
437. 72 

437. 72 
437.72 
332. 65 
332. 65 
262.  62 
227. 60 
227.60 

$110.-37 

110.97 

90.74 

89. 50 

97.  .37 

122.90 

229.40 

215. 35 

250. 75 

139. 80 

113. 77 

86. 59 
83.47 

78.36 
83.00 
63. 08 
73.78 

65. 60 
62.50 
50.24 

1920. 
January . . . 

2, 158. 00 

$186. 00 

April 

May 

.Tune 

July 

1, 187. 60 
1,187.60 
1,187.60 

70.78 
87.00 
130. 75 

August 

'Septeml)er. 

1921. 
January . . . 
February. . 

March 

April 

Mav 

755.60 
647. 60 
755. 60 

43.30 
43. 00 
52.06 

June  . 

July 

August 

539.50 

27.95 

September. 

1 

1  Dutiable  at  one-fourth  cent  per  pound. 

2  Grade:  White,  crystals.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

3  Grade:  In  casks.    Source:  The  Chemical  Trade  Journal,  London. 
*  Grade:  Crystallize.    Source:  La  Revue  des  Products  Chemlques. 

5  Grade:  Crist.    Source:  Giornale  di  Chemica  Industriale. 

6  Source:  Chemiker  Zeitung. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL  TRADE. 


87 


Comparative  prices — Continued. 

COCONUT  OIL. 

[Pound.] 


New 
York.i2 

New 
York.3 

London.^ 

London.5 

Period  • 

Exchange. 

Exchange. 

Par. 

Par. 

Current. 

Par. 

Current. 

1914. 
January 

$0. 1268 
.1100 
.  1075 
.1087 
.1087 
.  10S7 

.  1525 
.  1425 
.1325 
.1137 
.1350 
.1487 

February 

March . .". 

April 

May 

June 

1919. 
January 

$0.2075 
.1975 
.1775 
.1775 
.1875 
.2100 
.2300 
.2300 
.2262 
.2250 
.2200 
.22.50 

.2162 
.2225 
.2125 
.2087 
.2025 
.2050 
.1925 
.1700 
.1675 
.1825 
.1750 
.1750 

.1587 
.1587 
.1225 
.1075 
.1300 
.1300 
.1300 
.1350 
.1225 

February 

March 

April 

May 

June 

July 

August 

September 

Oct  ober 

November 

December 

1920. 
January 

February 

.1912 
.1850 
.1862 
.1800 
.1862 
.  1725 
.  1450 
.1450 
.1637 
.1387 
.1075 

.1038 
.0963 
.0788 
.  0812 
.0950 
.09.50 
.  0925 
.  0863 
.0888 

March 

April 

June 

August 

October 

$0.2064 
.2118 
.1999 
.1857 

.1651 
.1303 
.  1303 
.0976 
.1195 
.  1217 
.1238 
.1260 
.1260 

$0. 1510 
.1510 
.1416 
.1333 

.1199 

1023 

.1042 

.0788 
.0976 
.0978 
.0907 
.0967 
.0970 

$0. 1955 
.  2085 
.1955 
.1792 

.1521 
.1195 
.1195 
.0923 
.1108 
.  1031 
.  1053 
.1172 
.1162 

$0. 1430 
.1487 
.  1385 

D  ecember 

1921. 

February 

March 

AprU 

May 

June 

August 

.1286 

.1104 
.0939 

.0745 
.0905 
.0828 
.0772 
.0899 

.0895 

1  Dutiable  at  3J  cents  per  pound;  at  20  cents  per  gaUon  after  May  27,  1921. 

'Grade:  Edible.    Source:  The  Journal  of  Commerce. 

'  Grade:  Manila  spot,  tank.    Source:  The  Journal  of  Commerce. 

■•  Grade:  Cochin  shipment.    Source:  The  London  Grain,  Seed  and  Oil  Reporter. 

*  Grade:  Ceylon  shipment.    Source:  The  London  Grain,  Seed  and  Oil  Reporter. 


DEPKECIATED  EXCHANGE   AND   INTERNATIONAL   TRADE. 
Comparative  prices — Continued. 

GLYCERINE. 
[Pound.] 


Period. 


19U 
January. .. 
February. . 

March 

April 

May 

June 

1919 
January . . . 
February. . 

March 

April 

May 

June 

July 

August 

September. 
October... 
November. 
December. 

1920 
January. .. 
February. . 

.March 

April 

May 

June 

July 

August 

September. 
October... 
November. 
I)ecember. 

1921 
January. .. 
February. . 

March 

.\pril 

May 

June 

July 

.\ugust 

September 


New 
York.b' 


England.3 


,1950 
.  1950 
.  1975 
.  19.50 
.  1925 
.1925 


.1700 

.1550 

.1750 

.1500  I 

.17.50  I 

.2100 

.  18.50 

.2000 

.2000 

.1925 

.2000 

.2100 


.2400 
.  2300 
.2250 
.2175 
.2400 
.2650 
.  27.50 
.  2S25 
.2800 
.2750 
.  2500 
.1700 


.  1550 
.1700 
.  1500 
.1300 
.1400 
.1400 
.1225 
.1300 
.1225 


Exchange. 


Par.  Current. 


.2063 
.2063 
.  2063 
.2063 
.2063 
.2063 


.2390 
.2390 
.2390 
.  2390 
.2390 
.2390 
.  2390 
.2390 
.2390 
.2390 
.2390 
.2390 


.2390 
.  2390 
.2390 
2390 
.2390 
.2390 
.2390 
.  2390 
.2390 
.2390 
.  2.390 
.2390 


.2390 
.2390 
.2390 
.  2390 
.2430 
.  3041 
.3041 
.2606 
.  2606 


Paris,  France.*        |  Hamburg,  Germany.* 


Exchange. 


Exchange. 


Par.  Current. 


$0. 2337 
.2337 
.2294 
.2302 
.2340 
.2279 
.2257 
.2143 
.  2059 
.2059 
.2047 
.1966 


.1860 
.1704 
.1682 
.  1034 
.  1884 
.1928 
.1942 
.1827 
.1748 
.1701 
.1693 
.1715 


.  1736 

.1S77 
.1912 
.  1929 
.  1985 
.  2443 
.  2229 
.  1909 
.2006 


.3195 
.  3195 
.3195 
.3195 


.4464 
.4464 
.6478 
.6565 
.  6565 
.6565 
.6565 
.6128 
.4814 
.6826 
.6826 
.5909 


.5909 
.  5909 
.  5909 
.5033 
.5033 
.5033 
,5033 
.4158 
.4158 


Par.    Current. 


$0. 1810 
.1810 
.1860 
.1780 
.1780 
.1780 


.2033 
.1937 
.1879 
.1684 


.2158 
.1700 
.2363 
.2334 
.  2038 
.2643 
.2800 
.2423 
.1726 
.2349 
.  2236 
.1858 


.1821 
.2146 
.2211 
.1816 
.2035 
.2210 
.1991 
.1773 
.1695 




3. 8900 
2.7000 

SO.  2678 
.1814 

2. 5900 

.  1341 

1  Dutiable  at  2  cents  per  pound. 

2  Grade:  Dynamite,  drums  included.    Source:  The  Oil,  Paint  and  Drug  Reporter. 
'  Grade:  Industrial,  S.  G.  1260.    Source:  The  Chemical  Trade  Journal.  London. 

*  Grade:  Blanche  Industriale,  28°.    Source:  La  Revue  de  Produits  Chemique. 

*  Grade:  Chemically  pure,  28°.    Source:  Chemiker  Zeitung,  1913-14;  importers,  1921. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


89 


Comparative  prices — Continued . 

LEMON  OIL. 

[Pound.] 


NewYork.i'S 

London,  England.' 

Hamburg,  Germany.^ 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 

82.9000 
2.7000 
2. 6000 
2. 4500 
2. 1500 
1.  8500 

1. 8500 
1. 2500 
1.4000 
1. 3500 
1.2000 
1. 1000 
1. 1000 
1. 1500 
1. 2000 
1. 1500 
1.3.500 
1.  4000 

1.4.500 
1. 9000 
1. 7500 
2.0000 
1.  8500 
1.  7.500 
1. 6500 
1.  4000 
1.  2500 
1. 1500 
1. 1000 
1.  0000 

.9.500 
.7000 
.8000 
.7000 
.7000 
.70(K) 
.  7000 
.7600 
.8300 

Mav                                                   .      .     . 

■ 

1919. 

$1.4300 
1.3100 
1.2.500 
1.2000 
1. 1300 
1.0600 
1. 1200 
1. 2200 
1.2200 
1.2.500 
1. 5500 
1.5500 

2. 0000 
2. 1500 
2.  5500 
2.  .5500 
2. 1000 
1. 9700 
1.6700 
1.4800 
1. 4.500 
1.4.500 
1..3000 
1.  1800 

.9428 
.  8515 
.  8515 
.7907 
.  5373 
.  7603 

$1.4000 
1.2800 

1.2000 

1. 1500 
1.1100 
1.0100 
1.0600 
1.0900 
1. 0500 
1. 0800 
1. 3300 
1. 2700 

1. 5600 
1.5300 
1. 7900 
1. 0600 
1.7200 
1.  5900 
1. 3.500 
1. 1300 
1.0600 
1. 0300 
.  9254 
.  9512 

.6848 
.6689 
.6810 
.6383 
.4389 
.6109 

July 

^ 

! 

1920. 

Mav 

July                                                  

1921. 

March 

$11.87            $0.8183 

9.72                .6529 

May                                             

July 

1  Dutiable  at  10  per  cent  ad  valorem. 

2  Source:  The  Oil,  Paint  and  Drug  Reporter. 

'  Source:  The  Perfumery  and  E.ssential  Oil  Record. 
■*  Source:  Schutz  &  Co.,  importers. 


90 


DEPRECIATED   EXCHANGE    AND    INTERNATIONAL    TRADE. 


Comparative  prices — Continued. 

LIME   ACETATE. 
[100  pounds.! 


New  York.i 

England.2  , 

Paris,  France.' 

Milan,  Italy.< 

I'eriod. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 

$1.  75 
1.75 
1..50 
1.50 
1.50 
1.50 

3.00 
2.00 
2.00 
2.00 
2.00 
2.00 
2.00 
2.00 
2.00 
2.00 
2.00 
2.00 

2.00 
2.00 
2.00 
3.25 
3.50 
3.50 
3.50 
3.50 
3.50 
3.50 
2.50 
2.00 

2.00 
1.95 
1.95 
2.00 
2.00 
2.00 
2.00 
2.00 
2.00 

$2.28 
2.06 
1.79 
1.76 
1.76 
1.74 

9.76 
8.13 
5.42 
5.42 
3.68 
3.47 
3.5S 
4.12 
3.68 
3.68 
3.68 
4.34 

5.65 
5.97 
6.52 
7.06 
7.17 
7.17 
7.17 
7.17 
7.39 
6.73 
5.65 
5.32 

4.78 
4.36 
4.13 
3.04 
2.71 
2.71 
2.61 
2.39 
2.28 

1 

•                             ; 

1919. 

$9.  55 

7.96 
r>.  21 
5.23 
3.61 
3.31 
3.38 
3.70 
3.18 
3.18 
3.16 
3.57 

4.41 
4.26 
4.58 
5.71 
5.65 
5.78 
5.82 
5.48 
5.  40 
4.80 
4.00 
3.82 

3.47 
3.42 
3.30 
2.45 
2.25 
2.18 
1.91 
1.8:3 
1.76 

April 

July 

September 

, 

1920. 

April 

$19. 70 
19.70 
17.51 
17.51 
17.51 
17.51 
15.32 
15.  32 
7.00 

7.00 
6.13 
7.00 
7.00 
6.13 

$7.00 
6.11 
7.05 
7.47 
6.92 
6.28 
5.27 
5.02 
2.20 

2.16 
2.22 
2.62 
2.53 
2.48 

May 

July 

$17. 51 
17.51 
17.51 
17.51 
17.51 
17.51 

$5.  38 

August 

4.89 

September 

October 

4.23 
3.79 

November 

December 

1921. 

3.33 
3.34 

February 

8.32 

1.58 

March 

June 

July 

September 

1  Grade:  Bags,  extra.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

2  Grade:  Gray,  SO  per  cent.    Source:  The  Chemical  Trade  Journal,  London, 
•  Source:  La  Kevue  des  Produits  Chemique . 

<  Source:  Giornale  di  chemica  Industrial. 


DEPRECIATED   EXCHANGE    AND   INTERNATIONAL  TRADE. 


91 


Comparative  prices — Continued. 

QUININE  SULPHATE. 
[Ounce.] 


New  York.' 

London, 

England.' 

Toronto, 

Canada.* 

Hamburg,  Germany.* 

Peiiod. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par.           Current. 

1914. 
January 

$0. 2600 
.2600 
.2600 
.2600 
.2600 
.2600 

.9000 
.9000 
.9000 
8000 
.8000 
.8000 
.8000 
.80(X) 
.8000 
.8000 
.8000 
.8000 

.9000 
.9000 
.9000 
.9000 
.9000 
.9000 
.9000 
.9000 
.9000 
.9000 
.8000 
.7000 

.7000 
.7000 
.7000 
.7000 
.7000 
.7(XX) 
.7000 
.7000 
.7000 

$0.25.35 
.  2535 

Februarv. . 

March . ." 

.  2535 

April. 

.2536 

May 

.2499    ... 

Julie 

.2499    

1919. 
January. . 

! 

Februarv. 

March . .". 

i 

April . 

Ma5- 

June... 

July 

August . .          

September 

$1.3500 
1.8000 
1. 2600 

1. 2600 
1. 2600 
1. 2600 
1. 2600 
.9500 
.9500 
.9500 
.9500 
.9500 
.9500 
1. 0500 
1.0500 

1.0500 
1.0500 
1. 0500 
1.0500 
1.0500 
1.0500 
1.0500 
1.0500 
1.0500 

$1,300.1 
1. 7300 
1.2000 

1. 1.500 
1.  lOO;) 
1.0700 
1. 1400 
.8580 
.8312 
.8170 
.8300 
.8502 
.8669 
.9594 
.9227 

.9000 
.9300 
.9200 
.9300 
.9400 
.9400 
.9200 
.9400 
.9500 

December 

11.20(10            $1.1000 

1920. 
January   . 

March . 

April. 

May 

1 

June 

7.4000  1              .8100 

July  . 

August . 

September 

1921. 

$0. 8515 
.8110 
.  8515 
.8515 
.8515 
.8921 
.8921 
.9935 
.9528 

$0. 0185 
.  6370 
.6811 
.0874 
.  0956 
.7169 
.  6538 
.7622 
.7334 

February 

March 

ii.9766  j              .8252 

April 

10.7900  I              .7255 

July 

12.1400  1              .6288 

August 

September 

'  Source:  The  Oil,  Paint,  and  Drug  Reporter. 
'  Source:  La  Reyue  des  Produits  Chemique. 
8  Source:  The  Canadian  Chemical  Journal. 
<  Source:  Chemilcer  Zeitimg. 


92 


DKPKEriATKD    EXCHANGE    AND    INTERNATIOiSrAL   TRADE. 


Comparative  prices — Continued. 

SODA  NITRATE. 
[100  pounds.] 


New 

York.i 

Liverpool, 
England.2 

Paris,  France.' 

Genoa 

Italy." 

Hamburg, 
Germany  .5 

Period. 

Exchange. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 
January... 
February. . 
March 

$2.20 
2.22 
2.22 
2.22 
2.25 
2.22 

4.42 
4.42 
4.20 
4.07 
4.07 
4.07 
3.00 
2.90 
2.95 
2.87 
2.97 
3.02 

3.05 
3.45 
3.85 
3.90 
3.90 
3.82 
3.85 
3.85 
3.60 
3.35 
2.90 
2.90 

2.75 
2.85 
2.75 
2.60 
2.75 
2.70 
2.45 
2.00 
2.13 

$2.23 

$2.20 
2.23 
2.24 
2.09 
2.07 
2.17 

6.30 
6.30 
6.30 
6.30 

6.  .30 
6.30 
6.13 
6.13 
7.44 
7.44 
8.32 
8.75 

10.06 
11.11 
11. 38 
12.25 
12.25 
10.50 
10.06 
10.06 
10.50 
10.50 
10.94 
10.94 

9.19 
9.67 
9.98 
9. 28 
9.28 

7.  75 
7.18 
7.18 
7.18 

$2.30 
2.32 
2.30 
2.22 
2.20 
2.20 

$5.34 
5.64 
.5.34 

5.77 
.5.77 
5.58 

2. 28 
2.31 
2.33 
2.28 
2.28 

April 

May 

June... 

1919. 
January... 
February. . 

5.54 

4.44 
4.34 
4.44 

$5. 42 
4.35 
4.16 
498 

$5. 98 
5.98 
5.68 
5.57 
5.  39 
5.22 
4.37 
4.  .37 
4.37 
4.51 
4.89 
4.61 

4.86 
4.23 
4.15 
4.35 
3.80 
4.23 
4.29 
3.98 
3.76 
3.61 
3.58 
3.44 

2.83 
3.51 
3.73 
3.35 
3.75 
3.40 
2.84 
3.06 
2.93 

April 

May 

4.77  i          4.68 
4.56  1          4.35 
4.56  1          4.31 
4.56  ;          4.09 
4.56  I          3.93 
4.56  1          3.93 
4.56  1          3.91 
4.56  1          3.75 

4.56  ;          3.  .56 
4.99  t          3.56 
5.75  '          4.05 
5.  75            4. 65 

July 

August 

September 
October 

December 

1920 
January... 
February. . 
March . 

11.38 
11.38 
12.47 
15.32 
15.32 
1.5. 32 
14.44 
14.92 
15.  76 

$4.46 
3.68 
3.54 
3.87 
3.58 
5.01 
4.44 
5.34 
3.81 

April 

May 

5.54 
5.37 
5.21 

4.36 
4.33 
4.23 

July 

August . 

5.21  i          .^-98 

September 
October. . . 

5.21 
5.21 
5.15 
5.10 

4.99 
4.77 
4.67 
4.56 
4.44 
4.13 
4.02 
4.02 
4.02 

3.81 
3.71 
3.65 
3.66 

3.62 
3.75 
3.73 
3.68 

3.  as 

3.32 

2.95 
3.08 
3.09 

November. 

December . 

1921. 
January... 
February. . 

March 

April 

May 

June 

July 

Augu.st 

16.  85 

16.  85 
16.06 
15.54 
14.22 
12.30 
16.90 
9.85 

3.21 

3.02 
3.04 
2.95 
3.16 
3.07 
3.27 
2.17 

86.35 

45. 88 

$5.  27 
2.63 

48.58 
45.  SS 
69.06 
78.76 
75.  52 
76.60 

3.35 
3.08 
4.49 
5.24 
3.91 
4.32 

September 

1 

1  Grade:  Soda  nitrate.    Source:  The  Oil,  Paint,  and  Drug  Reporter. 

*  Grade:  96  per  cent  refined.    Source:  The  Chemical  Trade  Journal,  London. 

'  Source:  La  Revue  des  Produits  Chemiques  and  War  Industries  Board  Bulletin  No.  2. 

*  Grade:  15-16  per  cent  di  azoto.    Source:  Giornale  di  Chemica  Industriale. 
'  Grade:  Crude,  95  per  cent.    Source:  Chemiker  Zeituug. 


DEPRECIATED   EXCHANGE    AND    INTERNATIONAL    TRADE. 

Comparative  prices — Continued. 

SODIUM  NITRITE. 

[Pound.] 


93 


Nevy 
York.1.2 

England.' 

France.* 

Toronto,  Canada.' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 
January 

80.  0489 
.  0478 
.0478 

February 

Anril 

.0478 
.0472 
.0462 

.  1454 
.  1476 
.1432 
.1432 
.  1389 
.1239 
.  11.39 
.1259 
.1302 
.  1.302 
.  1.302 
.  1324 

.  1.347 
.  1408 
.1792 
.  2390 
.2607 
.2542 
.2172 
.2259 
.1868 
.1629 
.1564 
.1542 

.  1521 
.1173 
.  0999 
.0956 
.0911 
.0911 
.0911 
.  0869 
.0869 

May 

June 

1919. 
January 

80. 1900 
.  14.50 
.1300 
.1300 
.  1300 
.1100 
.  0950 
.  0950 
.  0850 
.2200 
.  1800 
.  1300 

.1513 
.  1400 

80. 1422 
.  1443 
.  1.375 
.1379 
.1360 
.1200 
.1076 
.1129 
.1122 
.1122 
.1115 
.  1089 

.1052 
.1045 
.1261 
.  1934 
.2056 
.  2051 
.1764 
.1727 
.1366 
.1161 
.1108 
.1106 

.  1105 
.0921 
.0799 
.0772 
.0744 
.0732 
.  0678 
.0667 
.0669 

February 

March-.   . 

80. 1850 
.  18,50 
.  18.50 
.  1.550 
.1550 
.  1550 
.1550 
.  1550 
.  1550 
.1550 

.  1550 
.1550 
.1550 
.  1,550 
.  15.50 
.1550 
.1550 
.1550 
.  15.50 
.  15.50 
.  1550 
.1550 

.  1.550 
.1550 
.  1550 
.  1.5,50 
.  15,50 
.  15,50 
.  1560 
.  15.50 
.1550 

April 

80. 1804 

May 

.  1800 

.  1508 

July 

.1503 

August . 

.  1473 

Sentember 

.1490 

October. . . . 

.  W^H 

.14P0 

De^embe:' 

.  1476 

1920. 
January 

.1418 

February 

.  1356 

.1317 

April. 

.  2400 
.2600 
.1900 
.1500 
.1600 
.1350 
.1300 
0975 
.  0700 

.0650 
.0600 
.  0575 
.  0600 
.0600 
.0800 
.  0725 
.0725 
.0844 

.  1410 

May 

.  1400 

.1356 

July 

.  1.333 

.  13.54 

.  13S7 

October .... 

.1414 

Noyember. . 

.1416 

December 

1921. 
January 

.     SO.  3064 

.3064 
.3064 
.3064 
.3064 
.3064 
.3064 
.3084 
.3064 
.3064 

80.0963 

.0945 
.1113 
.1146 
.1105 
.1238 
.1344 
.1212 
.1306 
.1250 

.1362 
.1333 

February 

March . . 

.1375 
.  13,58 

.1374 

.13S5 

June 

.13S1 

July 

.  1330 

August 

.1383 

September 

,1397 

'  Dutiable  at  I  cent  per  pound. 

*  Grade:  96-98  per  cent.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

'  Grade:  100  per  cent.    Source:  The  Chemical  Trade  Journal,  London. 

*  Source:  La  Reyue  des  Produits  Chemiques. 

*  Source:  The  Canadian  Chemical  Journal. 

599—22 7 


94 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


Comparative  prices — Continued. 

SULPHURIC  ACID. 
[Ton.] 


New- 
York.! 

England.* 

France.' 

Italy.* 

Period. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 

820.00 
20.00 
20.00 
20.00 
20.00 
20.00 

25.00 
21.00 
21.00 
17.00 
16.00 
16.00 
16.00 
16. 00 
16.00 
20.00 
22.00 
22.00 

22.00 
22.00 
22.00 
24.00 
24.00 
24.00 
24.00 
22.00 
22.00 
22.00 
22.00 
20.00 

18.00 
19.00 
20.00 
19.00 
19.00 
18.00 
■  18.00 
18.00 
19.00 

$14. 10 
14.10 
14.10 
14.10 
14.10 
14.10 

34.48 
34.48 
34.48 
34.48 
34.48 
34.48 
34.48 
34.48 
34.48 
34.48 
34.48 
34.48 

34.48 
34.48 
34.48 
36.66 
30.66 
36.66 
36.66 
38.66 
36.66 
42.90 
42.90 
42.90 

42.90 
42.90 
42.90 
42.90 
42.90 
42.90 
42.90 
42.90 
42.90 

i 

May 

1919. 

$33.72 
33.72 
33.10 
33.22 
33.77 
32.87 
32.57 
30.92 
29.71 
29.71 
29.53 
28.37 

25. 93 
24.  59 
24.26 
29.66 
28.93 
29.58 
29.78 
2S.02 
23.82 
30.60 
30. 40 
•   30.79 

31.17 
33.70 
34.32 
34.64 
35.05 
34.47 
31.45 
32.92 
33.03 

$52.00 
52.00 
49.00 
49.00 
49.00 
49.00 
49.00 
52.00 
52.00 
56.00 
56.00 
56.00 

62.  00 
62.00 
70.00 
74.00 
74.00 
74.00 
82.00 
82.00 
78.00 
78.00 
74.00 
74.00 

70.00 
70.00 
56.00 
56.00 
52.00 
52.00 
49.00 
49.00 
49.00 

$49.38 
49.32 
44.20 
43.30 
41.93 
40.63 
39.25 
37.09 
33.10 
33.95 
32.94 
29.50 

29.97 
23.61 
25.53 
26.31 
22.97 
29.79 
34.97 
32.42 
27.97 
23.84 
24.24 
23.27 

21.58 
25. 42 
20.95 
20.20 
21.02 
22.83 
19.38 
20.89 
19.98 

May 

July          

$45.26 
45.26 

$27. 28 

Ssptember 

O  Jtober 

24.27 

Deceniljer 

1920. 

52.53 

61.20 
61.20 
66.54 
87.54 
96. 30 
96.30 
91.92 
91.92 
91.92 
113. 82 
87. 54 
87.54 

94.34 
90.94 
90.94 
S7.54 
87.54 
84.14 
78.72 

22.07 
24.02 

February 

March 

April 

May 

19. 82 
18.90 
22.13 
22.53 

31.55 

July 

28.26 

32.91 

September 

October 

November 

December 

1921. 
January 

22.24 
24.65 
16.65 
16.69 

16.88 

February 

17.24 

March 

12.24 

April 

19.42 

May 

21.87 

June 

23  10 

July 

17  37 

August 

September 

»  Grade:  66°.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

'  (irade:  Pyrites.  168°.    Source:  The  Chemical  Trade  Journal,  London. 

>  (Iradu:  66°.    Source:  La  Revue  des  Produits  Chemiques. 

<  Grade:  66".    Source:  Giornale  di  Chemica  Industrial  ed  Applicata. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


95 


Comparative  prices — -Continued. 

CATTLE. 

[100  pounds-.] 


Chicago.i>» 

Toronto,  Canada.' 

Period. 

Exchange. 

Par. 

Current. 

1914. 
January 

$8.50 
8.50 
8.50 
8.  .57 
8.50 
8.52 

18.42 
18.10 
18.72 
18.62 

February 

M  arch 

April 

May 

1919. 
January 

February . .          .          

April 

May 

i 

July 

14.92 
17.17 

August 

October 

17.57 

1920. 

16.50 
13.87 
13.50 
13.50 
12.75 
13.12 
15.88 
15.75 
15.75 
15.63 
16.18 
13. 13 

10.75 
8.75 

10.00 
9.25 
8.45 
8.52 
8.00 
8.92 
9.00 

$1.3. 25 
14.50 
13.75 
15.00 
16.00 
17.00 
16.50 
14.50 
14.00 
13.00 
10.00 

12.00 
10.25 
11.00 
11.00 

$11.60 

March 

12.33 

April 

12.51 

May 

13. 55 

June 

14.00 

July 

14.62 

14.42 

12.99 

October 

12.63 

11.75 

December 

8.79 

1921. 

10.  32 

9.09 

March..                         .       .  .                       

9.04 

April 

9.75 

May • 

1 

July 

8.  75 
7.  .85 

7.68 

7.00 

'  Dutiable  at  30  per  cent  ad  valorem  after  May  27,  1921. 

»  Grade:  Beef  steers,  good.    Source:  1913-14,  the  National  Proyisioner;  1919,  The  Daily  Trade  Bulletin; 
1920-21,  The  .Market  Ueporter. 
»  Grade:  Top  price,  good  steers.    Source:  The  National  Provisioner. 


96 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


January.  - 
February. 
March  — 

April 

May 

June 


January  — 
February. . 

March 

Aprii 

May 

June 

July 

August 

September. 
October . . . 
November. 
December . 


January  — 
February. . 

March 

April 

May 

June 

Ju'y 

August 

September. 
Octol K-r . . . 
November. 
December . 


January . . 
Febraary. 

Mireh 

April 

May 

June 


Ju'y. 
August  — 
September. 


Comparative  prices — Continued. 
CUKESE. 

.  [Pound.] 


Period. 


1920. 


England. 3 


New  York.ijS 


Exchange. 


Par.  Current. 


.1675 
,1700 
,1700 
,1475 
,1338 
,1425 


.3550 
.  3625 
.2950 
.3650 
.3650 


1921. 


.3150 
.3150 
.2950 
.2950 
.2950 
.3050 
.2650 
.2675 
.  2750 
.2762 
.2750 
.2800 


.2750 
.2775 
.2775 
.2775 
.2750 
.1600 
.1587 
.2100 
.2050 


SO.  1465 
.  1519 
.  1.530 
.1508 
.1475 
.1454 


.3548 
.3548 
.3548 
.3143 
.3143 
.3143 
.3476 
.3433 
.3143 
.3143 
.3143 
.3143 


.3150 
.3150 
.3150 
.3150 
.3150 
.3150 
.3563 
.3563 
.3563 
.3497 
.3432 
.3345 


.3280 
.3389 
.3389 
.3476 
.3519 
.2845 
.2324 
.2889 
.2628 


JO.  3469 
.3469 
.3405 
.3027 
.3076 
.2996 
.3280" 
.3078 
.2707 
.2707 
.2691 
.2585 


.  2460 
.2246 
.2217 
.2549 
.2484 
.2541 
.2894 
.2724 
.2607 
.2494 
.  2432 
.2400 


.2382 
.2662 
.2711 
.2806 
.2874 
.2286 
.1703 
.2216 
.2023 


1  Dutiable  at  20  per  cent  a4  valorem;  after  May  27,  1921,  dutiable  at  23  per  cent  ad  valorem. 

2  (trade:  Who  e  mik,  colored.  Source:  1914,  who'e  milk,  colored,  War  Industries  Board  Bulletin  >o. 
21:  1919,  Wisconsin  whole  mi;k,  he.d,  twins.  The  Jo  irnai  ol  Commerce;  1920-21,  American  No.  1  wiiis. 
Market  Reporler. 

s  Grale:  Canadian.    Source:  The  Statist. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


97 


Comparative  prices — Continued. 

COCOA. 
[Pound.) 


Period. 


New 
York.! 


London,  England.* 


Exchange. 


Par.  Current. 


January . . 
February. 

March 

April 

May 

June 


January . . . 
February. . 
March.."... 

.\  pril 

May 

Jurie 

July 

August . . . . 
September. 
October. . . 
November. 
December. 


January. .. 
■J'ebruarv. . 
March.."... 

April 

May 

Julie 

July 

August 

September. 
October. . . 
November. 
December. , 


Januarj' . . . 
February. . 

March 

April 

May 

June 

July 

August 

September. 


$0. 1387 
.1287 
.1293 
.1225 
.1175 
.1162 


$0. 1325 
.  1325 
.1379 
.1314 


1920. 


.1787 
.2100 
.2000 
.2450 
.2200 
.2200 
.2200 
.2100 


.2025 
.2100 
.2000 
.  2025 
.1750 
.1450 
.1400 
.1300 
.1275 
.1150 
.0975 
.0850 


.0750 
.0812 
.0825 
.0700 
.0750 
.0725 


.  1238 

.1238 

.1846 

$0. 1805 

.1846 

.1805 

.1846 

.1772 

.1846 

.1778 

.  1846 

.1808 

.2444 

.2330 

.  2552 

.2408 

.  2552 

.2288 

Nominal. 

Nominal. 

Nominal. 

Nominal. 

Nominal. 

Nominal. 

.2672 

.  2198 

.2672 

.2087 

.2683 

.1913 

.2683 

.1888 

.2824 

.  2285 

.2878 

.2269 

.  2715 

.2190 

.2600 

.2118 

.2334 

.1784 

.2009 

.1470 

.1901 

.  1355 

.  18)6 

.1308 

.1759 

.1262 

.1151 

.  0836 

.1227 

.  0964 

.  1173 

.0938 

.1173 

.0947 

.1173 

.0958 

.  1173 

.0943 

.1260 

.0924 

.1260 

.0967 

.1292 

.0995 

1  Grade:  Crude  Bahia.    Source:  The  Journal  of  Commerce. 

2  Grade:  Crude,  Bahia,  finest.    Source:  The  Economist. 


98 


DEPRECIATED  EXCHANGE   AND   INTERNATIONAL   TRADE. 


Comparative  prices — Continued . 

CORN. 

[Bushel.] 


Chicago. '-^ 

Liverpool, 

England.' 

Liverpool, 

England  .< 

Buenos  Aires,  Argen- 
tina.' 

Period. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 

$0. 6260 
.6194 
.6513 
.6779 
.7010 
.7163 

1.5300 
1. 3200 
1. 3200 
1.6200 
1.6200 
1.7400 
1.  7500 
1.9400 
1.8000 
1. 4800 
1.  4500 
1.5400 

$0.5550 
.5388 

March 

May      

.6150 
.60% 

.5554 
.5445 
.4465 
.5118 
.5445 
.5227 
.8168 
1. 1700 
1. 0000 
.8060 
.7730 
.7188 

.7238 
.6802 
.7510 
.9523 
1. 1600 
1. 1100 
1. 0700 
.%00 
1. 0300 
.9900 
.9800 
1.0100 

1.1000 
1.0200 
1.1200 
1.  0500 
.8400 
.8700 
.8800 
1.0000 

1919. 
January  

$2.12 
2.12 
2.12 
1.70 
1.70 
1.70 
1.70 
1.70 

$2.0800 
2.0800 
2.0400 
1.6400 
1. 6700 
1. 6200 
1. 6100 
1.5300 

$1.98 
1.98 
1.98 
1.70 
1.70 
1.70 
1.70 
1.70 
1.84 

$1. 9400 
1.9400 
1.9100 
1. 6400 
1.6700 
1. 6200 
1.6100 
1.  5300 
1.  5900 

$0.  5672 

February 

.5552 

.4495 

April 

.5200 

May 

.5610 

.5432 

Julv 

.8654 

1. 1600 

September 

.9974 

.8030 

.7714 

.7320 

1920. 

2.49 
2.58 
2.59 
2.46 

1. 9500 
1.  8400 
1.  8200 
1. 9900 

1.84 
1.84 
1.84 
2.05 
2.12 
1.97 
1.70 
1.84 
1.84 
1.81 
1.66 
1.58 

1.53 
1.24 
1.56 
1.44 
1.17 
1.19 
1.16 
1.24 
1.14 

1.4400 
1. 3100 
1.3000 
1. 6500 
1. 6700 
1.5900 
1. 3800 
1.  4100 

.7372 

February 

.6904 

.7660 

April    .      .  . 

.9703 

May 

1.8200 
1.9200 
1.8000 
1.5500 
1.6700 
1.2500 
.8900 
.7000 

.7400 
.6325 
.6425 
.5550 
.5700 
.6450 
.  6225 
.6200 
.5600 

1. 1700 

1.1000 

July 

1. 0500 

August 

.8900 

September 

October 

2.11 
1.95 
1.81 
1.50 

1.44 
1.10 
1.23 
1.07 
1.09 

1.5400 
1. 3900 
1.  2800 
1.0700 

1.0500 
.8696 
.9877 
.8703 
.8926 

.9100 

1.  2900 
1.1700 
1.1400 

1. 1100 
.9800 
1.2400 
1.1600 
.9624 
.9527 
.8534 
.9534 
.8745 

.8600 

November 

December 

1921. 
January 

.8100 
.8100 

.8600 

February 

.8414 

March 

.9194 

.8360 

May 

.617a 

June 

.6616 

July 

1.13 
1.16 
1.05 

.8275 
.8881 
.8091 

.6221 

August     

.6763 

September 

1  Dutiable  at  15  cents  per  bushel  after  May  27,  1921. 

2  Grade:  Yellow,  No.  3.    Source:  The  Market  Reporter. 

3  (irade:  No.  3,  American  mixed,  afloat.    Source:  Broomhall's  Corn  Trade  News. 
■•  (irade:  YeUow  La  Plata,  afloat.    Source:  Broomhall's  Corn  Trade  News. 

i>  Source:  The  Review  of  the  River  Plate. 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL    TRADE 


99 


Comparative  prices — Continued. 

COTTONSEED  OIL. 
[Pound.] 


New 
York.i.i 

London,  England.' 

Period. 

Exchange. 

Par. 

Current. 

1914. 
January 

$0. 05.39 
.  0,574 
.  0584 
.0610 
.0616 
.0590 

.1750 
.1750 
.1750 
.1750 
.1750 
.1750 
.2150 
.2150 
.2150 
.1600 
.1600 
.1900 

.2000 
.1950 
.  1750 
.1725 
.1525 
.1600 
.1356 
.1050 

Februarv 

March . .'. 

April 

May 

June 

1919. 

February 

March 

May 

June 

July 

August 

$0.  2172 
.1792 
.1845 
.2129 

.2172 
.2564 
.2607 
.2064 
.2172 
.1846 
.1434 
.1369 
.1608 
.1542 
.1390 
.0978 

.0804 
.0673 
.0695 
.0652 
.  0739 
.0760 
.  0836 
.0934 
.0912 

$0  1871 

.1344 

1580 

December 

.  1751 

1920. 
January .• 

• 
.1696 

.1828 

.1835 

.1613 

.1770 

.1489 

.1165 

August 

.1046 

.1176 

October 

1025 
.  1050 
.0625 

.0600 
.0625 
.0515 
.0400 
.  0.500 
.0575 
.0600 
.0725 
.0725 

.1100 

.C985 

.0702 

1921. 

.0584 

.  0529 

March                 .  .      .                               

.0556 

April 

.  0.526 

.  0603 

.0611 

July    

.0613 

.0717 

.0702 

1  Dutiable  at  20  cents  per  gallon  after  May  27,  1921. 

-  Grade:  Crude,  f.  o.  b.  mills.    Source:  The  Oil,  Paint  and  Drug  Reporter. 

»  Grade:  Egyptian  crude.    Source:  The  Landon  Grain,  Seed  and  Oil  Reporter. 


100 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL    TRADE. 


Comparative  prices — Continued . 

HIDES   AND    SKINS. 
[Pound.] 


Period. 


1914. 

January 

February 

March 

April 

May 

June 

1919. 

January 

February 

March 

April 

May 

Jiiie 

July 

August 

September 

Ojtober 

N  wember 

Deifcmber 

1920. 

January 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1921. 

January 

February 

March 

April 

May 

June 

Julv 

August 

September 


Chicago. 1 


$n.  1725 
.1775 
.  1750 
.1787 
.1762 
.1850 


.2150 
.2700 
.  25.50 
.2550 
.2900 
.3750 
.  5000 
.  5150 
.4500 
.4700 
.4700 
.4450 


.3900 
.4000 
.3300 
.  30,50 
.2600 
.2050 
.3150 
.2950 
.3300 
.2650 
.1900 
.1800 


.1700 
.1400 
.1100 
.0825 
.1000 
.1150 
.1200 
.12.50 
.1325 


England.' 


Exchange. 


Par.    Current. 


$0. 13Stl 
.13S1 
.1571 
.1571 
.1571 
.1444 


.1901 

.1901 

.1901 

.1901 

.2028 

.  2028 

.2688 

.26S8 

.2688  1 

.2688 

.2688 


.2688 
.2' 88 
.3699 
.3699 
.2  86 
.3500 
.2300 
.2600 
.2500 
.2200 
.1700 


.1400 
.1400 
.1343 
.1419 
.1482 
.1672 
.1773 
.2000 
.2128 


$0. 1859 
.1859 
.1825 
.1)-31 
.1986 
.1934 
.2536 
.24W) 
.2316 
.2316 
.2302 
.2211 


.2099 
.1917 
.1892 
.2993 
.2917 
.2167 
.2842 
.  1758 
.1902 
.1783 
.  1.559 
.1220 


.1017 
.1100 
.1074 
.1145 
.  1  11 
.1343 
.1299 
.1534 
.1638 


Buenos  Aires.' 


Exchange. 


Par. 


SO.  2995 
.3119 
.3187 
.2715 
.2840 
.2897 


.3014 
.2976 


.2957 
.3034 
.3120 
.3400 
.4478 
.3804 
.  4045 
.4045 
.3660 


.  3562 
.4236 
.3562 
.3755 
.3370 
.3177 
.2648 
.2456 
.2263 
.2263 
.2119 


.1878 
.1444 
.1444 
.1348 
.1425 
.1685 
.1974 
.1685 


Current. 


$0. 3078 
.3035 


.3126 
.3'242 
.3602 
.4451 

.  3786 
.4030 
.4037 

.  3728 


.3627 
.  4300 
.3633 
.3826 
.  3387 
.3176 
.2599 
.2262 
.2001 
.1963 
.1750 


.1462 
.1186 
.1183 
.1066 
.1048 
.  1280 
.1393 
.1137 


1  Gra  ie:  Heavy  cows,  packer  hides.    Source:  The  National  Provisioner. 
'Grale:  Best  heavy  ox  and  heifers.    Source:  The  Economist. 
'  Qrala:  Superior  hides.    Source:  The  Review  of  the  River  Plate. 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL   TRADE. 


101 


Comparative  prices — Continued. 

LARD. 
[Pound.] 


Chicago.' 

London,  England.' 

Period. 

Exchange. 

Par. 

Current. 

1914. 
January 

$0.0975 
.1000 
.0952 
.0962 
.09.50 
.0925 

.2275 
.  2200 
.  2450 
.  27(K) 
.3100 
.3150 
.  32.50 
.3200 
.2900 
.2675 
.2900 
.2350 

.2225 
.2000 
.  2025 
.  21.50 
.2000 
.  1950 
.1850 
.17,50 
.18,50 
.2200 
.2000 
.1750 

.1300 
.1200 
.  1025 
.09.50 
.  09,50 
.0825 
.0912 
.1175 
.1100 

$0. 1215 

February 

.1215 
.1176 
.1186 
.1138 
.1129 

;;;;;;;;;; 

March 

April. 



May 

1919. 
January . .                

.  3433            $0  33,57 

February.                 

.3433                .33.57 

March 

.3433                .3295 

Anril 

.3435                 .3309 

May 

.5.585                .3511 

. 3813                . 3636 

July 

.4144                .3914 

. 4236                . 3797 

October..    .          

.4312                .3715 

November 

.4312                 .3692 

.4312                .3547 

1920. 

.  4312                .  3367 

.  4312                . 3075 

.4312                 .303.5 

.4312 
.  4312 
.3443 
.  3443 
.3443 
.  3443 
.  3400 
.3400 
.3443 

.3143 

.2998 
.  2042 
.1613 
.1520 
.  1512 
.  1786 
.1979 
.1846 

.3489 

May 

.3100 

.2778 

Julv.                          

.2797 

.  2t>32 

.  2519 

.  2425 

.  2409 

.2471 

1921. 

.2500 

.  2355 

.  1633 

.1302 

May 

.1242 

.1215 

July .                   

.  1308 

.  1518 

.1421 

*  Grade:  Leaf.    Source:  The  National  Provisioner. 
'Grade:   Am.  boxes,  56  pounds.    Source:  The  Economist. 


102 


DEPRECIATED   EXCHANGE    AND    INTERNATIONAL    TRADE. 


Comparative  prices — Continued . 

LEMONS. 
[Box.] 


New 
York.^2 

New 
York.i.-3 

London. < 

Period. 

Exchange. 

Par. 

Current. 

1914. 

$3.37 
2.82 
3.12 
3.12 
2.70 
5.12 

$.3.28 
4.01 
4.13 
2.79 
2.49 
2.73 

4.31 
3.40 
4.98 
7.05 
5.23 
6.81 
3.28 
3.28 
3.64 
4.25 
6.32 
4.80 

4.62 
3.89 
4.80 
3.02 
3.40 
3.89 
5.23 
6.20 
2.55 
4.13 
4.26 
5.72 

5.65 

May                                                    

1919. 

$3.50 
4.87 
4.12 
4.12 
4.50 
4.75 
4.75 
5.75 
5.12 
8.75 
6.25 
5.75 

5.75 

$4.22 

3.33 

March .                             

4.79 

4.00 
4.75 
4.62 
5.87 
3.12 
5.25 
7.00 
5.75 
4.25 

4.25 
4.18 
4.43 
4.43 
4.43 
2.25 
2.25 
2.37 
2.37 
2.37 
1.87 
1.87 

1.87 
1.87 
1.87 
2.87 
2.87 
9.00 

6.80 

May.                                            

5.12 

6.49 

July 

3.10 

August . .                                        

2.94 

3.14 

3.67 

November.                              .            

5.42 

3.95 

1920. 

3.61 

2.77 

6.20 
6.20 
6.20 
2.50 
2.50 
3.00 
3.00 
3.00 
3.00 
3.00 

3.00 
3.00 
3.00 
3.00 
3.00 
9.00 
6.13 

3.38 

2.45 

2.6S 

June...         .         

3.14 

July 

4.24 

August 

4.73 

1.85 

2.94 

November.       .                                               

3.01 

December 

4.10 

1921. 

4.10 

February 

2. 61                  2. 05 

March 

2.91 
3.16 
3.65 
5.41 
4.38 
7.78 
3.34 

2.33 

2.54 

May .            

2.98 

June 

4.35 

July 

3.21 

August . .            

5.97 

September 

2.58 

'  Dutiable  at  J  cent  per  pound;  after  May  27,  1921,  dutiable  at  2  cents  per  pound. 
'  Grade:  Sicily,  360s.    Source:  The  Journal  of  Commerce. 
'  Grade:  California,  360s.    Source:  The  Journal  of  Commerce. 
<  Grade:  Sicilian  boxes.    Source:  The  Economist. 


DEPKECIATED   EXCHANGE    AND    INTERNATIONAL   TRADE. 


103 


Comparative  prices — Continued. 

OATS. 
[Bushel.l 


'  Dutiable  at  6  cents  per  bushel. 

'  Grade:  No.  2  white.    Source:  The  Market  Reporter. 

•  Grade:  No.  2  Canadian  western,  landed.    Source:  Broomhall's  Corn  Trade  News. 

*  Grade:  N".  2  Canadian  western.    Source:  The  Northwestern  Miller. 


Chicago.!'  2 

England.' 

Winnipeg,  Canada.* 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 

$0. 3S89 
.  3941 

$0.3337 
.  3525 
.  3.525 
.  3525 
.  3625 
.3850 

.7337 
.6500 
.7012 
.  6787 
.7537 
.7550 
.7625 
.8912 
.9000 
.83.50 
.8337 
.8650 

.9162 
.9425 
.9600 

February 

March 

.3930 
.3910 
.3985 
.4008 

.7300 
.6000 
.6200 
.6850 
.7100 
.70.50 
.7000 
.7937 
.7200 
.7300 
.7300 
.7937 

April 

Mav 

Juiie 

1919. 
January 

$1. 4700 
1. 4700 

$1. 4400 
1.4400 

February 

March 

$0. 6617 

May 

June 

.7337 

.73.50 

July 

.7394 

.8467 

September 

.8652 

.8017 

1. 3500 

1.1600 

.8026 

December 

.823a 

1920. 

.8384 

.8248 

March 

.RlfiO 

1.000(1  '             .9100 

Mav 

1. 1100 
1.0600 
1. 1600 
.9750 
.7150 
.5775 
.5575 
.4850 

.4850 
.4300 
.4400 
.3950 
.3700 
.4125 
.3850 
.  3625 
.3625 



1.1100              1.0010 

1.2300              l.OSU) 

July 

1.26011  ;            1.08(0 

.9300  1              .8126 

September 

1.2700 
1.2800 
1. 2100 
.9854 

.  98.54 
.7786 
.8880 
.7299 
.6934 
.7664 
.7725 
.8272 
.7786 

.9344 
.  9195 

.  8f)20 
.7072 

.7158 
.  6116 
.7103 
.5892 
.5664 
.6157 
.5562 
.6346 
.5994 

.8663  1             .7760 

.7225                .6520 

November 

.7000                .6326 

. 5663                 .  4976 

1921. 
January 

.6212 
.4712 
.5038 
.4263 
.4100 
.  4825 
.4775 
.5088 
.4712 

.  5342 

February 

March 

April 

Mav 

June 

July 

September 

.4182 
.4415 
.  3778 
.  3064 
.4300 
.4189 
.4541 
.4246 

104 


DEPRECIATED  EXCHANGE   AND   INTERNATIONAL   TRADE. 


Comparative  prices — Continued. 

PORK. 

[100  pounds.) 


Period. 


Chicago. 1 


Lotidon,  England.'^ 


Exchange. 


Par. 


Current. 


1914 

January 

Febniary 

March 

April 

May 

June 

1919 

January 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1920. 

January 

Febniary 

March ; . 

April 

May 

June 

July 

August 

September 

October 

November 

December 

1921. 

January 

February 

March 

April 

May 

Juiie 

July 

August 

September 


$14.  .50 
14.  7.'-) 
14.50 
14.  7.T 
16.50 
14.50 


32.00 
27.00 
27. 50 
31.50 
32.  .50 
31.00 
32.00 
36.00 
37.00 
38.00 
31.00 
27.00 


25. 50 
23.75 
2.5.00 
32.00 

29.  .50 
25.  50 
27.50 
3.3.00 
35.  50 
41.50 

30.  ,50 
19.  .50 


22.  50 
18.  50 
20.50 
26.50 
22.  50 
17.  ,50 
17.  .50 
27.50 
26.50 


$13.17 
12.92 
13.43 
13.43 
11.91 
12. 16 


36.49 
.32.44 
32.44 
32.44 
32.  44 
30.66 
30.66 
30. 66 
30.66 
30.66 
30.66 
32.18 


32.18 
32.18 
.32. 18 
32.18 
41.82 
34.71 
39. 37 
59.50 
44.80 
44.12 
41.75 
34.50 


25.60 
33.  .50 
3,5. 47 
33.41 
36.45 
.30. 33 
27.84 
29.43 
33.  41 


$35. 70 
31.72 
31.15 
31.25 
31.77 
29.24 
28.94 
27.50 
26. 42 
26.42 
26.26 
26.48 


25.13 
22.95 
22.65 
26.04 
32.97 
28.01 
31.98 
30. 19 
32.77 
31.46 
29.58 
24.76 


IS.  ,59 
26.32 
28.37 
26.97 
21.61 
24.37 
20.  40 
22.58 
25. 92 


'  Grade:  Loins,  10-12  pounds.    Source:  The  Market  Reporter. 
»  Source:  The  Economist. 


DEPRECIATED   EXCHANGE    AND    INTERNATIONAL    TRADE. 


105 


Comparative  prices — Con  ti  n  ue  d . 

RICE. 

[Pound.] 


January . . . 
February. . 

March 

April 

M  ay 

June 

July 

Aufiust 

September. 

October 

November. 
December. . 


January . . . 
February. . 

M  arch 

April 

May 

June 

July 

August 

.September. 
October . . . 
November. 
December. 


January... 
February.. 

March 

April 

May 

June 

July 

August 

September. 


Period. 


New 
Orleans.1.2 


$0.0600 


,1125 


.0920 
.0970 
.1087 
.1093 


.0o97 
.0707 
.1175 
.1125 
.1137 
.1150 
.1100 
.1200 
.0900 
.  0888 
.0588 
.0563 


.0400 
.  0375 
.0253 
.0337 
.0212 
.0275 
.0363 
.  03.88 
.0363 


England.' 


Exchange. 


Par.     Current. 


$0. 0570 
.  0570 
.  0570 
.  0570 
.0592 
.  0592 
.  0592 
.  0592 
.  0.592 
.  0592 
.  0592 
.0592 


.  0592 
.  0592 
.  108(i 
.  1086 
.  10S6 
.1080 
.  1086 
.  10,86 
.  0934 
.  0934 
.  0978 
.0869 


.0663 
.  0386 
.0315 
.  0402 
.  0380 
.  0380 
.0380 


.0510 


England.' 


Exchange. 


Par.     Current. 


$0.  0557 
.  0557 
.  0.547 
.  0549 
.0579 
.0.564 
.  05.58 
.0.531 
.  0510 
.0510 
.0.507 
.0487 


.0462 
.  0493 
.0764 
.0873 
.  08.53 
.  0876 
.  0882 
.0830 
.  ()(i,'i3 
.  0666 
.0693 
.0624 


.0482 
.  0303 
.  02.52 
.0324 
.0310 
.  0305 
.0278 


.0393 


$0.  0944 
.0942 
.0949 
.0949 
.0911 
.1031 
.  1031 
.1031 
.1302 
.1302 
.1302 
.1302 


.1302 
.  1324 


,1324 
,  1324 
,  1282 
,1151 


.1097 
.09.56 
.  0,554 
.0,565 
.  0.532 
.  0.5t)5 
.0565 


.  0652 


JO.  0923 
.0921 
.0911 
.0914 
.  0,892 
.0983 
.0973 
.0924 
.1122 
.1122 
.1115 
.1071 


.1017 
.0944 


.0968 
.0944 
.0908 
.  0826 


.0797 
.0751 
.0443 
.04j6 
.0434 
.01.54 
.0414 


.0502 


'  Dutiable  at  1  cent  per  pound;  after  May  21,  1921,  dutiable  at  2  cents  per  pound. 

'  Grade:  Blue  Rose  Head.    Source:  The  New  Orleans  Times-Picayiuie. 

'  Grade:  Burmah  Two  Stars.    Source:  Broomhall's  Corn  Trade  News. 

*  Grade:— 1919-20,  Siam,  polished;  1921,  Japan,  polished.    Source:  Broomhall's  Corn  Trade  News. 


106 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL    TRADE. 


Comparative  prices — Continued. 

SOYA  BEAN  OIL. 

[Pound.] 


New 
York.i." 

England.' 

England.* 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 
January 

$0. 06.56 
.  0643 
.0037 
.0637 
.  06.50 
.06.50 

.1350 
.  1037 
.0987 
.  1.500 
.1600 
.1787 
.2000 
.2012 
.  1S87 
.1737 
.1800 
.1787 

.1850 
.1912 
.1875 
.1912 
.1775 
.1725 
.1650 
.1475 
.  1362 
.  1375 
.1137 
.1025 

.0862 
.0837 
.0737 
.  0743 
.  0762 
.0787 
.0775 
.  0825 
.0875 

February 

March.  .        

_A.prU 

May 

June 

1919. 
January. . 

February 

March 

April 

M  ay 

June 

July 

.'September 

$0. 1825 
.1738 
.1911 
.2140 

$0. 1572 
.1497 
.16.36 
.1760 

October 

November 

December 

1920. 

February *. 

.2454 
.  2574 
.2064 
.1847 
.1835 
.1542 
.1455 
.1586 
.1629 
.1521 
.1086 

.0912 
.0825 
.0804 
.0760 

.1750 
.181] 
.  1670 
.1456 
.1480 
.1253 
.1112 
.1160 
.1162 
.1078 
.0779 

.0662 
.0648 
.0643 
.0613 

$0. 2878 
.  2933 
.2716 
.2390 
.2281 

$0. 2052 

March 

.  2064 

April 

.2197 

May 

.  1884 

.1840 

July 

August 

.1955 
.  19.55 
.1966 
.  19.55 
.1629 

.1499 

.1494 

;  September .'.... 

.  1430 

October 

.  1402 

November 

.  1385 

^December 

.1169 

1921. 
.January 

.1089 

February 

March 

.\pril 

-May 

.0977 
.  1043 
.1043 
.1129 
.  1303 

.0798 

June 

.0838 

July 

.0760 
.0956 

.0.557 
.0733 

.0765 

AuRust 

.0866 

September 

.  1003 



•  Dutiable  after  May  27,  1921,  at  20  cents  per  gallon. 

2  Ora<ie:  Crude,  f.  o.  b.  coast,  spot.    Source:  The  Journal  of  Commerce. 

'  (Jrade:  Oriental,  afloat.    Source:  The  London  Grain,  Seed  and  Oil  Reporter. 

<  Grade:  Deodorized,  spot.    Source:  The  London  Grain,  Seed  and  Oil  Reporter. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE, 


107 


Comparative  prices — Continued. 

SUGAR,  REFINED. 
[Pound.] 


New 
York.i.s 

United  Kingdom.* 

Period. 

Exchange. 

Par. 

Current. 

1914. 
January 

$0.0405 
.0410 
.0400 
.  0390' 
.  0395 
.0120 

.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 
.0900 

.1.500 
.1500 
.1400 
.1400 
.1850 
.2250 
.22.50 
.  22.50 
.1710 
.1400 
.1100 
.0900 

.0800 
.  0685 
.0775 
.0800 
.0)J50 
.  0635 
.  0530 
.0615 
.0590 

$0.0255 
.0255 
.0255 
.0255 
.0258 
.0260 

March . .                                                           

April 

May 

June 

1919. 
January . .     .  .                 .       .                 

March 

April 

.1.384 
.  1384 
.1384 

$0. 1333 

Mav 

.  1.355 

June 

.1320 

July.      ...                 

.1460 
.1460 

.1460 
.1460 
.1711 
.1711 
.  2397 
.2397 
.  2397 
.2397 
.2397 
.2397 
.  2055 
.1711 

.1545 
.  1437 
.  14,59 
.  14.59 
.1459 
.1341 
.  1232 
.1308 
.  1243 

.12.50 

.1^01 

1920. 
January                                                           

.1140 

February                       .                    

.1041 

.1202 

April                                                             

.  1384 

.1889 

.  1934 

.1947 

August.            

.  18!2 

.1753 

.1709 

.1456 

.1228 

1921. 

.1122 

.1130 

March..            

.1167 

.1177 

.\Iav                                       

.1192 

.1077 

.0903 

.  1(K)3 

.0957 

1 

1  Dutiable  at  1.36  cents  per  pound;  after  May  27,  1921,  at  2.16  cents  per  pound.  (On  the  basis  of  100' 
by  the  polariseope  test.  For  each  degree  less  than  103°  deduct  0.026  of  a  cent  for  act  of  1913;  0.04  of  • 
cent  for  emergency  tarilT.) 

2  Grade:  Refined.    .Source:  Willctt  and  Gray's  Sugar  Trade  Journal. 

»  Grade:  Sugar,  refined.    Source:  Willett  and  Gray's  Sugar  Trade  Journal. 


108 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL    TRADE. 


Comparative  prices — Continued . 
TALLOW. 

rPouiid.l 


Chicago.! 

Chicago  .2 

England.' 

Period. 

Exchange. 

Par. 

Current. 

1914. 
Januar  V 

$0. 0756 
.  0787 
.  0769 
.  0737 
.  0737 
.0712 

.  1475 
.1037 
.1187 
.1412 
.2.550 
.  2475 
.2,550 
.2275 
.1937 
.1875 
.1837 
.1800 

.  1775 
.1787 
.  1637 
.  1662 
.1562 
.1412 
.1213 
.1338 
.  1300 
.  1475 
.  1225 
.  0913 

.0713 
.  0613 
.  0688 
.0587 
.0662 
.0612 
.  0,562 
.0687 
.0787 

$0.  0662 
.  0662 
.  0662 
.  0650 
.  0650 
.  0637 

.1212 
.0787 
.0912 
.1037 
.  1362 
.  1387 
.1837 
.1825 
.  1675 
.  1.587 
.  1,575 
.1475 

.1637 
.  1625 
.  1475 
.  1475 
.1437 
.1212 
.  102.5 
.  1125 
.1100 
.1175 
.0875 
.  0663 

.0538 
.  07l« 
.  0525 
.0462 
.0500 
.0475 
.0387 
.0475 
.0612 

$0. 0740 
.  0735 
.0721 
.  0721 
.  0689 
.0689 

.1923 
.1923 
.1629 
.  1629 
.1412 
.2020 
.2128 
.2303 
.  2173 
.  2059 
.2194 
.2173 

.  2216 
.2303 
.  2325 
.2259 
.1912 
.  1825 
.1521 
.1412 
.1629 
.1612 
.1531 
.1259 

.1173 
.0891 
.0782 
.0716 
.0727 
.0825 
.0825 
.0901 
.1107 

Febriiairv.                              . .           

April 

M  ay .                              

June 

1919. 
January ... 

$0  1880 

February 

.  1880 

Mareh . .' 

.1564 

April 

1-569 

May 

.  1383 

June 

1926 

July 

.  2009 

August 

.  20"-5 

September 

18"2 

October 

1774 

November 

.1879 

December 

1788 

1920. 
January 

1730 

February 

1642 

March 

1636 

April 

1828 

May :... 

1508 

June 

1472 

.1236 

August 

1079 

1192 

October 

1150 

1085 

December 

.0904 

1921. 

0852 

February 

0700 

March 

0625 

April 

0578 

May 

0594 

Jmic 

0863 

July 

0605 

August 

0691 

September 

0852 

'  Grade:  Edible.    Source:  The  National  Proyisioner. 

2  Grade:  Packers'  No.  1,  Chicago.    Source:  The  National  Proyisioner. 

3  Grade:  Beef.    Source:  The  Economist. 


DEPRECIATED    EXCHANGE    AND    INTERNATIONAL   TRADE. 


109 


Comparative  prices — Continued. 

TEA. 
[Pound.] 


New 
York.i 

England.*   , 

Period. 

Exchange. 

Par. 

Current. 

1914. 
Ja  nuarv 

$0. 1750 
.1750 
.1750 
.1750 
.1900 
.1900 

.3700 
.3250 
.27.50 
.2750 
.  2750 
.2750 
.3250 
.  .3350 
.3450 
.3450 
.3450 
.3400 

.3400 
.3500 

$0.1900 
.1900 
.1900 
.1900 
.1900 
.1900 

.  3244 
.3244 
.3244 
.3244 
.2636 
.2129 
.2941 
.2332 
.3168 
.  3295 
.3751 
.3871 

.  3810 
.  2991 
.  3264 
.3016 
.4004 
.  2154 
.1420 
.1850 
.2400 
.  2200 
.  2100 
.2700 

.2700 
.2400 
.  1926 
.  2533 
.  2178 
.  2331 
.2153 
.1900 
.2279 

February ... 

March 

April 

Mav 

J  une 

1919. 
January..     .          

$0.3172 

February 

.  3172 

March 

.3114 

April 

.3125 

May 

.2581 

June 

.2030 

Julv 

.  2775 

August 

.2091 

September 

.2729 

October 

.2839 

November 

.3212 

December 

.  3184 

1920. 
January.. 

.3005 

February 

.2133 

March 

.2297 

April 

.2440 

.3157 

June 

.3300 
.2150 
.2150 
.1650 
.1650 
.  1650 
.  1250 

.1250 
.12.50 
.  1250 
.  1750 
.1100 
.1400 
.1400 
.  1400 
.1800 

.  1738 

July .• 

.1154 

Autn^ist 

.1414 

.17.56 

October 

.1569 

.1488 

December 

.1988 

1921. 

.1961 

February 

.  1885 

March . .". 

.1541 

April 

.2015 

May     

.1779 

.  1873 

.  1373 

.  1 458 

.1755 

1  Grade:  Ceylon  Pekoe. 
»  Grade:  Ceylon  Pekoe. 

599—22 8 


Source:  The  Journal  of  Commerce. 
Source:  The  Economist. 


110 


DEPRECIATED    EXCHANGE   AND   INTERNATIONAL   TRADE. 


Comparative  prices — Continued. 

WHEAT. 
[Bushel.] 


1  D  itiable  at  35  cents  per  bushel  after  May  27,  1921. 

'  Grade:  No.  2  red  whiter.    Source:  The  Northwestern  Miller. 

'  Lirade:  No.  2  red  winter.    Source:  Broomhali's  Corn  Trade  News. 

<  Grade:  Argentine  (Barletta).    Source:  Broomhali's  Corn  Trade  News. 

'  Grade:  "Bartlctta"  for  Europe.    Source:  The  Re\ievv  of  the  River  Plate. 


Chicago.i)' 

Liverpool.' 

Liverpool  .< 

Buenos  Aires  .= 

Period. 

Exchange. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

Par. 

Current. 

1914. 

$0. 9700 
.9550 
.9587 
.9512 
.9550 
.9887 

2.3400 
2.2900 
2. 3000 
2.4400 
2. 7900 
2.4600 
2. 3200 
2.2300 
2. 2400 
2.2300 
2. 2300 
2. 3400 

2. 4800 
2. 6000 
1. 1900 
1.3100 
1. 4300 
2.8400 
2.8600 
2. 5500 
2. 5500 
2. 1000 
2. 1700 
1.  9000 

2. 0500 
1.9000 
1.8500 
1.5200 
1. 3900 
1. 6900 
1. 3900 
1.  2500 
1. 2600 

$1.07 
1.07 
1,09 
1.07 
1.08 
1.11 

2.43 
2.43 
2.43 
2.43 
2.43 
2.43 
2.43 
2.43 
1.76 
1.76 
1.76 
1.76 

1.76 
1.76 
1.76 
2.82 
2.82 
2.82 
2.82 
2.82 
2.82 
2.82 
3.45 
3.29 

3.01 
2.58 
2.50 

$0.96 
.96 
.99 

May 

.97 
1.03 

1.32 

1.24 
1.20 
1.26 
1.24 
1.28 
1.54 
2.09 
1.88 
1.70 
1.63 
1.66 

1.66 
1.58 
1.88 
2.12 
2.90 
2.81 
.       3.04 
2.58 
2.81 
2.98 

1919. 

$2.39 
2.38 
2.33 
2.34 
2.38 
2.32 
2.29 
2.18 
1.52 
1.52 
1.51 
1.45 

1.37 
1.26 
1.24 
2.28 
2.23 
2.28 
2.29 
2.16 
2.08 
2.01 
2.44 
2.36 

2.18 
2.03 
2.00 

$1.35 

1.26 

1.21 

1.28 

1.28 

1.33 

July 

1.63 

2.07 

September 

$1.79 
1.79 
1.79 
1.79 

1.79 
1.79 
1.79 
2.85 
2.85 
2.85 
2.85 
2.85 

$1. 54 
1.54 
1.53 
1.47 

1.40 
1.28 
1.26 
2.31 
2.25 
2.31 
2.;52 
2.18 

1.87 
1.69 

November 

December 

1920. 

1.63 
1.70 

1.69 

February 

1.60 

1.92 

April 

2.16 

May 

2.91 

2.80 

July  

2.98 

August 

2.37 

September 

2.48 

2.58 

3.39 
3.23 

2.95 
2.58 
2.20 
2.37 

2.40 
2.32 

2.14 
2.03 
1.76 
1.91 

1921. 
January 

2.01 
1.92 
1.97 
2.02 
1.92 
2.13 
2.01 
2.15 

1.57 

1.57 

March 

1.61 

1.60 

1.41 

2.08 

1.67 

1.62 

July 

1.41 

2.11 
1.99 

1.62 
1.53 

1.45 

September 

DEPRKCJIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


Ill 


Comparative  prices — Continued . 

BURLAP. 

[Yard.] 


New 
York.i 

Dundee,  Scotland. ^ 

Calcutta,  India.' 

Teriod. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 
Januarv 

$0.0633 
.0589 
.  0577 
.0577 
.0571 
.0551 

.1385 
.1250 
.0900 
.0825 
.1140 
.1200 
.1325 
.1800 
.1735 
.1790 
.1800 
.1715 

.1710 
.1725 
.1675 
.1435 
.1375 
.1050 
.1100 
.1150 
.1045 
.0925 
.  0775 
.0850 

.0575 
.0550 
.  0525 
.0480 

$0.0709 

$0.0524 

Fol)riiarv 

March 

April 

.0651 

0513 

Mav 

Jiiiie 

1919. 
Januarv 

.1875 
.  1875 
.1875 
.1875 
.1267 
.1343 
.1520 
.1875 
.2052 
.2078 
.2052 
.2103 

.2154 
.2305 
.2305 

$0. 1833 
.1833 
.1800 
.1806 
.1241 
.1280 
.1434 
.1681 
.1768 
.1790 
.  1757 
.  1730 

.1682 
.1644 
.1622 

.0681  i          $0.0748 
.0542                  0705 

February 

March 

0506  1               0559 

April 

0577                  0630 

May 

. 0804                  0879 

June 

.0837                  1051 

July 

.  0876                  1175 

August 

.  1006                .  1240 

September 

. 1031                  1366 

October 

.1116                .1496 

November 

.0908                .1175 

December 

1920. 
Januarv 

February 

March 

.  2255              .  1825 
.2205              .1739 
.  2052              .  16.'56 

. 

May 

.0843 
.0778 
.0746 
.0811 
.0843 
.0869 
.0642 
.0486 

.  0454 
.0499 
.0486 
.0486 
.0454 
.0393 
.0480 
.0454 
.0500 

.1163 

.0995 

July 

.1723 
.1520 
.1368 
.1520 

.1400 
.1162 
.1001 
.1084 

.0839 

.0925 

September 

.0883 

.0857 

November 

.  1344              .  0952 
.1191              .0854 

.1064              .0773 
.  0963              .  0756 
.  0861              .  0688 
.0760  j            .0613 
.0786  1            .0642 
.0734  i            .0590 
.0734  1            .0538 
.  0786              .  0603 
.  0786              .  0605 

.0535 

.0408 

1921. 
Januarv 

.0367 

P'etiruary. . 

.0427 

March 

.0386 

April 

.0387 

May. 

.0364 

.0304 

July 

.0338 

.0330 

Sejttember 

.0390 

1  Grade:  40  inches,  lOJ  ounces.    Source,  1914:  War  Industries  Board  Bulletin  No.  32;  1919-1921,  Scott  & 
Co..  importers. 

2  Grade:  Jute  Hessian,  40  inches.  11  por.,  lOJ  ounces.    Source:  Dundee  Prices  Current. 
•  Grade:  11  by  12  Uessians,  40-inch,  lOJ  ounces.    Source:  Dundee  Prices  Current. 


112 


DEPRECIATED  EXCHANGE   AND   INTERNATIONAL   TRADE. 


Comparative  prices — Continued. 


JUTE. 

[Pound.] 


New 

York.i 

Dundee,  Scotland. ' 

Calcutta 

,  India.' 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 
January 

$0.0800 
.0710 
.0720 
.0760 
.0750 
.0740 

.  1215 
.  1075 
.0919 
.0901 
.0983 
.1028 
.1119 
.1300 
.1300 
.1297 
.1200 
.1200 

.1150 
.1150 
.1100 
.1100 
.1100 
.1050 
.0950 
.08.50 
.0850 
.0850 
.0775 
.0600 

.0575 
.0575 
.0525 
.0525 
.0525 
.0500 
.0.500 
.0506 

$0. 0771 

February 

March 

$0.0630 

April 

.0722 

May 

June 

1919. 
January 

.1432 
.  14.32 
.1432 
.0890 
.0890 
.1085 
.  1258 
.1410 
.1627 
.1562 
.1519 
.  1432 

.1454 
.1497 
.1519 
.  1389 
.1237 
.1172 
.1042 
.0911 
.0955 
.1107 
.1042 
.0998 

.0911 
.0846 
.0716 
.0651 
.0651 
.0586 
.0564 
.0651 
.0673 

$0.1400 
.1400 
.1374 
.0857 
.0871 
.1034 
.1187 
.1264 
.1402 
.1346 
.1300 
.1178 

.1135 
.1067 
.1089 
.1124 
.0975 
.0946 
.0846 
.0696 
.0698 
.0789 
.0738 
.0716 

.0661 
.0864 
.0572 
.0525 
.0532 
.0471 
.0413 
.0499 
.0518 

February 

March 

April 

May 

.0583 

$0.0638 

June 

July ... 

.0713 
.0729 
.0729 
.0648 
.0632 
.0575 

.0599 

.0956 

August 

.0899 

September 

.0966 

October 

.0869 

N  ovember 

.0818 

December 

.0788 

1920. 
January 

.0831 

February 

March 

April 

.0551 
.0567 
.0807 
.0615 
.0575 
.0624 
.0672 
.0696 

.0772 

May 

.0782 

June 

.0776 

July 

0892 

August 

.0655 

September 

.0854 

October 

.0863 

November 

.0580 

December 

1921. 
January 

February 

March 

April 

May 

.0567 
.0567 
.0502 
.0511 

.0454 

June 

.0439 

July 

.0353 

August 

.0378 

September 

'  Grade:  Raw  M,  double  triangle,  medium  grades.    Source:  Bureau  of  Labor  Statistics. 

*  Grade:  P'irst  marks.    Source:  Dundee  Prices  Current. 

'Grade:  Raw,  native  first  marks  (actuals).     Source:  Dundee  Prices  Current. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


113 


Comparative  prices — Continued. 

SHEETING. 
[Yard.  I 


New 
York.',' 

England.' 

Japan.' 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1914. 

80.0638 
.06:^8 
.0638 
.0646 
.0662 
.0673 

1919. 

$0. 1789 
.1789 
.1819 
.1700 
.1670 
.  1873 
.2024 
.2118 
.  2233 
.  2268 
.2530 

$0. 1818 

$0. 1550 
.1550 
.1550 
.1650 
.2000 
.  22.50 
.2250 
.2400 
.2400 
.2600 
.2650 

.2900 
.2900 
.2750 
.2900 
.2700 
.  2675 
.2600 
.2250 
.1900 
.2000 
.1500 
.1150 

.1150 
.1150 
.  1050 
.0850 
.0825 
.0831 
.0806 
.  0850 
.0987 

.1841 

.i764 


$0. 1093 

.  1858 

.  1737 

May 

.1855 
.2038 
.  2381 
.2311 
.2250 
.  2372 
.2767 
.2950 

.3163 
.3346 
.3528 
.3649 
.3771 
.3771 
.3406 
.3254 
.3224 
.  2828 
.2281 
.1855 

.1734 

.1581 
.1368 
.1308 
.  1308 
.1308 
.1247 
.1247 
.1277 

.1816 
.1943 
.2152 
.2070 
.  1939 
.2043 
.2369 
.2426 

.2470 
.  2385 
.2483 
.2952 
.  2973 
.3042 
.2767 
.2487 
.2359 
.2017 
.1616 
.1331 

.1259 
.1242 
.1094 
.1056 
.1068 
.1051 
.0914 
.0957 
.0982 

.1727 

.1946 

July 

.  2073 

.2169 

.2264 

October .  .    

.  26('5 

.  2572 

1920. 

.2726 
.2438 
.2195 
.1884 
.  1825 
.1760 
.1640 

.2597 

.2311 

.  2224 

.1946 

.1S87 

.1802 

.1680 

1921. 

.0791 
.0853 
.0977 
.0996 
.0996 
.1005 
.1121 

.  0770 

.0829 

.0949 

.09f)5 

July 

.0963 

.  0964 

.1090 

1  Dutiable  at  7i  per  cent  ad  valorem. 

'  Grade:  Brown  3r>-inch,  48  by  48,  3  yards  per  pound.    Source:  The  Textile  World  Journal. 

'  Grade:  36-inch,  40  yards,  12  pounds.    Source:  The  Manchester  Guardian. 

<  Grade:  Gray,  36-inch,  40  yards,  13  pounds.    Source:  Japanese  e.xporting  firm. 


114 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


Comparative  prices — Continued. 

WOOL  TOPS. 

[Pound.] 


Boston.i.  2 

Bradford, 

England.' 

Bradford, 

England.* 

Period. 

Exchange. 

Exchange. 

Par. 

Current. 

Par. 

Current. 

1919. 

$1. 0300 
1. 0300 
1.0300 
1. 0300 

$1. 0100 
1. 0100 
.  9926 
.9962 

$1.0700 
1. 0700 
1. 0700 
1. 07CO 
1. 0700 
1. 2300 
1. 2300 
1. 2400 
1. 2200 
1. 3500 
1.5600 
1. 6000 

1. 5200 
1.4100 
1.  4100 
1.  4800 
1. 3700 
1. 2500 
1.  2500 
1. 0500 
1. 0900 
.9900 
.  8700 
.7000 

.6486 
.6081 
.5676 
.4764 
.4662 
.4662 
.4459 
.3851 
.4054 

$1. 0500 

$1. 4500 
1. 5000 
1. 4000 
1. 3700 

1. 0500 

March 

1. 0300 

April 

1. 0300 

May                                               

1  0500 

June .  

1.  ISOO 

July 

1. 5000 
1.7200 
1. 6500 
1. 6000 
1.5200 
1. 5700 

1.520O 
1. 5200 
1. 5200 
1. 6500 
1. 3700 
1. 320O 

1. 1700 

1  1200 

1.0600 

1. 1700 

1. 34ro 

December 

1920. 

January 

February 

March 

April 

May 

1.70 

1. 3300 
1. 5000 
1. 4300 
1. 1800 
1. 1100 
1. 2500 
1. 2500 
1. 1300 
1. 1300 
1. 0300 
.  8900 
.8100 

.7297 
.7297 
.6486 
.5068 
.4865 
.4865 
.4459 
.4054 
.4257 

1.4000 

1. 1900 
1. 0700 
1.0100 
1.  2000 
1. 1200 
1.  0100 
1.  0200 
.8600 
.  8300 
.  7300 
.  6300 
.5800 

,5301 
.5732 
.5190 
.4091 
.3974 
.3909 
.3268 
.3110 
.3277 

1.  32CO 

1. 1900 
1. 0100 
1. 0000 
1. 2000 
1.0900 

1. 0100 

July 

1. 0200 

Aueust 

1. 1700 

.  8000 

September 

.8000 

October 

.9200 

.  7000 

.6100 

December 

.7800 

.6650 
.7200 
.7250 
.7100 
.6750 

.5000 

1921. 

.4712 

February 

.4776 

March 

.4540 

April 

.3846 

.3808 

June 

.  3745 

.3268 

August 

.6400 

.2954 

.3121 

I  Dutiable  at  S  per  cent  until  Mav  27,  1921:  after  that  date,  45  cents  per  pound  additional. 

'Grade:  Hi:;h  quarter  blooi.    Soiree:  The  Textile  World  Journal. 

'  Graie:  505,  English  preparel.    Source:  The  Wool  Record  and  Textile  World. 

*  Grade:  593,  Hogget,  crossbrel  c)lo:ual  prepared.    Source:  Tae  Wool  Record  and  Textile  World. 


Appendix  C. 

A  comparison  of  wages  in  the  United  States,  Great  Britain,  and  Germany. 


FOOD  PRODUCTS  INDUSTRY. 
[Rate  per  hour  as  of  May,  1921.] 


Great 
Britain.i 

Germany.' 

Occupation. 

At  current 
exchange. 

At  current 
exchange. 

Equiva- 
lent pur- 
chasing 
power.' 

Equiva- 
lent in  cost 
of  living.^ 

Bread  baking  and  confectionery: 

Foreman 

$0,342 
.313 
.304 
.308 

•297 
.339 

.361 
.309 

.2o0 
.2.5'1 
.233 
.158 

$0. 136 
.110 
.089 
.128 

.109 
.108 

.0^9 
.086 
.089 
.094 
.062 
.056 

$0,226 
.182 
.149 
.213 

,171 

.180 

.149 
.144 
.148 
.156 
.103 
.093 

$0,307 

.248 

Ovenmen 

.201 

Single  hands 

.290 

Brewery  workers: 

Inside,  male  adults 

.245 

Stationarv-ongine  drivers                                   .     . . 

.244 

Flour  and  grinding  mills: 

.202 

.195 

Machine  men 

.201 

Holsters .                                       

.212 

Porters 

.140 

Laborers 

.126 

•  The  Labour  Gazette  (British). 

'  German  basic  wages  reported  by  Statistischen  Rcichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  apjilication  of  the  wage  index  number  published  by  the  Frankfurter  Zeitung  for  tlie  Frankfurt  district . 
'  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices. 

•  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  Slates  and  Germany. 

GLASS  INDUSTRY. 
[Rate  per  hour  as  of  May,  1921.] 


United 
States.i 

Germany.' 

Occupation. 

At  current 
exchange. 

Equiva- 
lent pur- 
chasing 
power.' 

Equiva- 
lent in  cost 
of  living.* 

Glass  industry: 

$0. 407 
.508 

.6.54 



$0,091 
.088 

.078 
.042 

$0. 1.52 
.156 

.129 
.069 

$0,206 

Decorators       .   .                                  

.198 

Laborers  or  helpers- 
Male 

.175 

Female                                      

.094 

'  Monthly  Labor  Review,  May,  1920,  covering  wugo-^  in  gl.vss  industry,  1919. 

2  (Jcrman  basic  wages  reported  by  St;UiHii>cluMi  Kcichsiuiii  for  Feliniary,  1920,  readjusted  to  May,  1921, 
bv  application  of  the  wage  index  number  publislit-.l  Ijy  the  Krankfurier  Zeitung  for  the  Frankfurt  district. 
"'  Equivalent  purchasing  power  ba.scd  on  United  States  and  German  wholesale  price  indices. 
<  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  Stales  and  Germany. 

115 


116 


DEPRECIATED   EXCHANGE    AND    INTERNATIONAL    TRADE. 


A  comparison  of  u ages  in  the  United  States,  Great  Britain  and  Germany — Continued. 

LEATnER  (BOOT  AND  SHOE)  INDUSTRY. 
[Rate  per  hour.i] 


United 
States.2 

Great 
Britain  .3 

Germany.  < 

Occupation. 

At  current 
exchange. 

At  current 
exchango. 

Equiva- 
lent pur- 
cha-^ing 
power.'s 

E  quiva- 
lent  in  cost 
of  living.6 

SHOE-FACTOKY  WORKERS. 

Cutting  department: 
Average  wages- 

$0,616 
.461 

.604 
.411 

.517 
.400 

.714 
.373 

.  573 
.374 

.715 
.337 

.796 
.411 

$0,230 

Female  

Sole-leather  department: 
Average  wages- 
Male  

.230 

Female 

Fitting  or  stretching  department: 
Average  wages — 

Male 

.230 

Female 

Lasting  department: 
Average  wages — 

Male 

.230 

Female 

Finishing  department: 
Average  wages- 
Male 

.230 

Female 

Bottoming  department: 
Average  wages- 
Male  

.230 

Female 

Heel  building: 

Average  wages— 

.220 
.150 

.300 

HARNESS  MAKERS. 

Harness  makers 

$0. 101 

.085 

.094 
.057 
.117 

$0. 168 

.141 

.155 
.098 
.194 

$0,228 

Tanneries: 

Glazers 

.552 

.451 
.280 
.560 

,191 

Laborers- 
Male  

.211 

Female 

.133 

Machine  operators 

.263 

1  United  States  Shoe  Factory  Wages  for  1920,  as  published  by  United  States  Department  of  Labor, 
April,  1921.  Tannery  wages  for  year  1919,  published  Monthly  Labor  Bureau,  May,  1920.  Wages  for 
Great  Britain  as  of  Dec.  31,  1920.  As  stated  in  publication  of  ministry  of  labor,  German  wages  as  of  May, 
1921. 

2  Monthly  Labor  Review. 

s  The  Labour  Gazette  (British). 

*  German  basic  wages  reported  by  Statistischen  Reichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  application  of  the  wage  index  number  published  by  the  Frankfurter  Zeitung  for  the  Frankfurt  district 
•'  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices. 
'  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  States  and  Germiany. 


DEPRECIATED   EXCHANGE   AND   INTERNATIONAL   TRADE. 


117 


A  comparison  of  wages  in  the  United  States,  Great  Britain  and  Germany — Continued. 

MEAT-PACKING  INDUSTRY. 

[Rate  per  hour  as  of  May,  1921.] 


United 
States.i 

Germany.' 

Occupation. 

At  current 
exchange. 

Equiva- 
lent pur- 
chasing 
power.3 

Equiva- 
lent in  cost 
of  living.* 

Common  or  unskilled  labor: 

Male 

Female 

Skilled  labor— Male 

$0,454 
.358 
.559 

$0,091 
.  058 
.113 

$0,151 
.096 
.187 

$0,203 
.130 
.228 

1  Figures  for  American  wages  compiled  by  the  National  Industrial  Conference  Board,  New  York  City, 
for  June,  1921. 

2  German  basic  wages  reported  by  Statistischen  Reichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  application  of  the  wage  index  number  published  by  the  Frankfurter  Zeitung  for  the  Frankfurt  district. 

3  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices. 

■•  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  States  and  Germany. 

OILS  AND  FATS. 
[Rate  per  hour  as  of  May,  1921.] 


United 
States.i 

Great 
Britain.' 

Germany.* 

Occupation. 

At  current 
exchange 

rate  ($4  to 

poiind 
sterling). 

At  current 
exchange. 

Eqiuvalent 

purchasing 

power.* 

Equivalent 
in  cost  of 
living.* 

/    $0,357 

t        .389 

/        .  455 

\        .409 

.426 

.372 

.429 

} 

$0. 089 

.097 

.092 
.085 
.095 

$0. 147 

.161 

.153 
.112 
.157 

$0,200 

Department  workers,  skilled 

Handworkers 

Yard  and  place  workers 

1  S0.319-$0.319 

"".'i70^".'25i' 
.289-    .319 

.319-    .349 
.170-    .196 

. 289-    .  319 
.  170-    .  251 

.218 

.208 
.195 
.213 

Soap  and  candle  manufacturers: 

Oil-cako  mills  (Liverpool): 

Youths   1S-20J  vcars                             ! 

«  .  162-    . 179 

Lard  and  oloo  denartmcnt,  "Slaughter- 
ing, I'niied  States"  (1919): 

.407 
.476 
.459 
.422 
.479 

.505 

.439 

'.299 

riility  men  (handy  men-assistant 

i^  Wages  fi)r  1917  (53.77  per  cent  general  average  increase  in  similar  industry  in  New  York  State,  from 
1917  to  March,  1920).     From  "Slaughtering  in  the  United  Slates,"  Federal  Trade  Commission. 

2  The  Labor  fiazette  and  "Standard  time  rates  of  wages  and  hours  of  labor,"  December,  1920  (British). 

3  (Jcrinun  basic  wages  reported  by  Slalislischon  RrichsanU  for  Kcbruury,  1920  readjusted  to  ,Mav,  1921, 
by  apphcalion  of  the  wage  index  number  pnhlislied  bv  llir  iMankfiirlcr  Zi'ilungfor  the  Frankfurt  district 

'<  Equivalent  purchasing  power  ba-^ed  on  linitcd  Stales  and  German  wliolc^ale  price  indices. 
•>  Equivalent  i)urchasing  power  based  on  relative  costs  of  living  in  United  Slates  and  Germany. 
'  47  nours  per  week. 
1  57  hours  per  week. 

599—22 9 


118 


DEPRECIATED   EXCHANGE-  AND   INTERNATIONAL   TRADE. 


A  comparison  of  wages  in  the  United  States,  Great  Britain  and  Germany — Continued. 

PRINTING  AND  BOOKBINDING. 
[Rate  per  hour  as  of  May,  1921.] 


United 

States.' 

Great 
Britain.2 

Germany.3 

Occupation. 

At  current 
exchange. 

At  current 
exchange. 

Equiva- 
lent pur- 
chasing 
power.* 

Equiva- 
lent in  cost 
of  Iiving.6 

Printing  and  boolcbinding: 

$0.  887 

SO.  381  1          $0. 103 

$0. 170 
.169 
.  204 
.185 

.160 
.091 
.188 
.149 
.188 
.  155 
.138 
.062 
.158 

$0. 231 

Machine  men                                

.  381                . 102 

.230 

Linol  ype  and  monotype  operators 

Printers  in  charge  of  rotary  press 

Bookbinders     and     machine     rulers 
(male) , 

.907 
.992 

.412 
.412 

.381 
.170 

.123 
.111 

.097 
.  0,55 

.276 
.250 

.216 

Bookbinders  (female) 

.123 

Stcreotypers 

.924 
.901 
.964 

.875 
.589 

.  381                .  113 

.255 

Journeymen  on  rotary  press 

.361 
.381 
.327 
.306 
.170 
.397 

.321 
.400 
.321 
.321 

.166 
.296 
.400 

.089 
.113 
.093 
.080 
.037 
.093 

.202 

Electrotvpers 

.255 

Book  and  job  pressmen 

.210 

G eneral  assistants 

.180 

Women  feeders 

.084 

Lithographic  printers 

.214 

Paper-mill  industry: 

Cutter  men 

.428 
.692 
.427 
.448 

.276 

Machine  tenders 

Packers 

Pressmen 

Laborers- 
Female  ..        

Male 

Beater  men 

1  Monthly  Labor  Review,  November,  1920;  average  for  10  cities. 

2  The  Labour  Gazette  (British),  April,  1921,  and  Ministry  of  Labour  (British)  publication  " Standard 
rate  of  wages  and  hours  of  labor,  December,  1920. 

3  German  basic  wages  reported  by  Statistischen  Reichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  application  of  the  wage  index  number  published  by  the  Frankfurter  Zcitung  for  the  Frankfurt  district. 

*  Equivalent  piu^chasing  power  based  on  United  States  and  German  wholesale  price  indices. 
^  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  States  and  Germany. 

WOODWORKING. 

[Rate  per  hour  as  of  May,  1921.] 


United 
States.  1 

Great 
Britain.2 

Germany.' 

Occupation. 

At  current 
exchange. 

At  current 
exchange. 

Equiva- 
lent pur- 
chasing 
power.* 

Equiva- 
lent in  cost 
of  living.5 

Gilders 

80.400 
.430 
.430 
.400 
.280 
.390 

SO.  114 
.118 
.123 
.108 
.084 
.077 

$0. 189 
.196 
.204 
.177 
.140 
.128 

$0,256 

Cabinetmakers 

.265 

Upholsterers 

.277 

Painters 

.241 

Laborers 

.190 

Skilled  workers 

.173 

Mill  sawyers 

$1.00 
.03 
.41 

Mill  machinists 

Mill  laborers 

* 

Brush  workers 

.350 
.240 
.280 

.084 
.104 
.131 

.139 
.173 
.218 

.188 

Cork  workers 

.234 

Cane  makers 

.296 

1  Monthly  Labor  Review. 

4  96  'd 

\  \    ^  i 

i 

2  The  Labour  Gazette  (British). 
'  German  basic  wages  reported  by  Statistischen  Reichsamt  for  February,  1920,  readjusted  to  May,  1921, 
by  application  of  the  wage  index  number  pubUshed  by  the  Frankfurter  Z'eitung  for  the  Frankfurt  district 
<  Equivalent  purchasing  power  based  on  United  States  and  German  wholesale  price  indices. 
6  Equivalent  purchasing  power  based  on  relative  costs  of  living  in  United  States  and  Germany. 


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